BP profits more than double as oil and gas prices soar in Iran war
Energy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarter Business live – latest updates BP’s quarterly profits have more than doubled amid a jump in oil and gas prices linked to the conflict in the Middle East. The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn.
First-quarter profits of $3.2bn prompt outrage from campaigners, who say figures come at expense of consumers
Business live – latest updates
BP has provoked outrage by revealing its profits more than doubled in the first quarter of this year after its oil traders reaped the benefit of the war in Iran.
The energy company capitalised on a surge in global oil market prices to report better than expected profits of $3.2bn (£2.4bn) for the first quarter, more than double the $1.38bn it made in the same period last year.
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