BP Sees Quarterly Profits Soar to Highest Level Since Iran War

BP's quarterly profits have surged to their highest level since 2022, reaching $5.73 billion due to the ongoing war in Iran and subsequent increase in oil prices.

The price of Brent crude, the global benchmark for oil prices, averaged $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 criticized BP for 'profiteering' off the high oil prices, while US President Donald Trump said American oil firms ExxonMobil and Chevron were making too much money.

BP chief executive Meg O'Neill acknowledged that the company was not reaching its full potential and plans to sell off its US renewable natural gas business Archaea as part of her strategy to prioritize 'value' over other considerations.