BP Profits Soar on Rising Oil Prices Amid Middle East Crisis

BP's quarterly profits have more than doubled to $5.73bn (£4.27bn) in the three months to June, driven by rising oil and gas prices caused by the Middle East crisis.

The company's chief executive, Meg O'Neill, has urged the UK government to prioritize using domestic energy resources, citing the benefits of generating jobs and tax revenue.

BP plans to exit its North Sea business after 60 years in the ageing basin, as part of a wider plan to streamline its operations. The decision comes days after Shell reported its second-highest quarterly earnings on record.

O'Neill expressed optimism that BP's North Sea assets would remain profitable under new ownership, with several unsolicited approaches already received.