BP Posts Record Profit Amid Global Oil Price Surge

BP has reported its highest quarterly profit since 2022, reaching $5.73 billion (£4.26 billion) in the April-to-June period.

This is more than double the $2.35 billion made a year earlier and comes amid a global oil price surge due to disruptions caused by the Iran war.

The price of Brent crude oil, the global benchmark, averaged $103.85 a barrel during this quarter, up from $67.88 in the same period last year.

Environmental campaigners have criticized BP for 'profiteering' off the high oil prices.

BP's CEO, Meg O'Neill, acknowledged that the company is not yet meeting its full potential and plans to focus on assets with strong returns and long-term value.