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BP profits more than double as Iran war sends oil prices soaring

The Guardian World Tuesday 04 August 2026, 06:54 UTC By Jillian Ambrose 1 min read
Key Points

Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on recordBusiness live – latest updatesBP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis. The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three months to the end of June, up $2.5bn from the quarter before, as the ongoing conflict in the Middle...

Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on record

BP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis.

The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three months to the end of June, up $2.5bn from the quarter before, as the ongoing conflict in the Middle East continued to disrupt energy exports from the Gulf.

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Iran (LOCATION) Energy (ORG) Shell (ORG) Russia (LOCATION) Ukraine (LOCATION) Middle East (LOCATION) the Middle East (LOCATION) Gulf (LOCATION)
Originally published by The Guardian World Read original →

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