BP Profits Skyrocket on Soaring Oil Prices After Iran War

BP has reported its highest quarterly profit in four years, thanks to soaring oil prices triggered by the Iran war. The company's profit of $5.73 billion between April and June more than doubled from last year's $2.35 billion. This is also the highest quarterly profit since the Russia-Ukraine war began in 2022.

The price of crude has jumped to $103.85 a barrel, up from $67.88 in the same period last year. BP chief executive Meg O'Neill said the company was not reaching its full potential and would prioritize 'value, not sentiment or history' by focusing on assets with strong returns.

BP plans to sell off its US renewable natural gas business Archaea and has put its North Sea operations up for sale. This move would mark the end of 60 years of production in the region by the company. Environmental campaigners blasted BP for 'profiteering' from rising oil prices.