BP Profit Soars on Middle East Conflict Fuelled Oil Price Surge

BP's profit has more than doubled in the second quarter of this year due to the surge in oil prices caused by the Middle East conflict. The company reported a net profit of $3.91 billion (€3.38bn) for April-June, up from $1.62 billion (€1.40bn) in the same period last year.

The increase in profits is part of a broader trend among Western energy majors, with five major companies - BP, Chevron, ExxonMobil, Shell, and TotalEnergies - reporting combined net profits of almost $47 billion (€40.60bn) in the second quarter.

BP's total revenue increased by 47% to $70 billion (€60.43bn) in the same period, driven by disruptions to global supplies of fossil fuels.