Commodities
BP Surges to Highest Quarterly Profit Since 2022 Amid Iran War-Driven Oil Price Hike
BP has reported its highest quarterly profit since 2022, with $5.73bn made between April and June.
This is more than double the $2.35bn made a year earlier, and is attributed to the war in Iran pushing up oil prices.
The price of Brent crude, the global benchmark for oil prices, averaged $103.85 a barrel in the quarter, up from $67.88 last year.
BP's chief executive, Meg O'Neill, said the company was not reaching its full potential and plans to sell off its US renewable natural gas business Archaea as part of her plan to prioritise 'value, not sentiment or history'.