BP Profits Soar on US-Iran Conflict, Plans to Sell North Sea Business

BP has reported a massive surge in profits, with its second-quarter earnings more than doubling to $3.91 billion. The UK-based energy major attributed the increase to soaring oil prices, which were fueled by the ongoing US-Iran conflict.

The five largest Western energy majors - BP, Chevron, ExxonMobil, Shell, and TotalEnergies - collectively posted net profits of nearly $47 billion in the second quarter. BP's total revenue rose 47% year-over-year to $70 billion, driven by the disruption in global fossil fuel supplies.

BP's chief executive, Meg O'Neill, acknowledged that the company had underperformed in recent years and emphasized the need for improvement. She announced plans to sell the group's North Sea business, which is seen as a non-core asset.