Commodities

BP Rides War-Driven Oil Price Surge to Highest Quarterly Profit in Four Years

Guavy AI Editorial Team Published August 4, 2026

Instruments

Oil Natural Gas

BP has reported its highest quarterly profit in four years, driven by rising oil prices due to the war in Iran. The company's profits surged to $5.73 billion (£4.26 billion) between April and June, more than double the $2.35 billion made a year earlier.

The price of Brent crude oil has jumped since the outbreak of the Iran war, averaging $103.85 a barrel in the April-to-June quarter, up from $67.88 in the same period last year.

Environmental and poverty campaigners have blasted BP for 'profiteering' off skyrocketing oil prices, while US President Donald Trump expressed concerns that American oil firms were making too much money.

BP chief executive Meg O'Neill said the company was not reaching its full potential and plans to sell off non-core assets, including its US renewable natural gas business Archaea and North Sea operations.

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