{"id":802385,"date":"2026-08-04T12:08:16","date_gmt":"2026-08-04T12:08:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/802385\/"},"modified":"2026-08-04T12:08:16","modified_gmt":"2026-08-04T12:08:16","slug":"bp-profits-more-than-double-as-iran-war-sends-oil-prices-soaring-bp","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/802385\/","title":{"rendered":"BP profits more than double as Iran war sends oil prices soaring | BP"},"content":{"rendered":"

BP has reported its highest quarterly profits since the first year of Russia\u2019s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis.<\/p>\n

The oil company\u2019s quarterly profits more than doubled to $5.73bn (\u00a34.27bn) 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.<\/p>\n

Despite the company\u2019s better than expected profits, its new chief executive, Meg O\u2019Neill, said there was \u201cmore to do\u201d because BP was \u201cnot making the most\u201d of its potential.<\/p>\n

O\u2019Neill is expected to undertake an overhaul of the 117-year-old company, including an exit from the North Sea<\/a> after six decades of production from the UK\u2019s oil and gas basin.<\/p>\n

O\u2019Neill told CNBC on Tuesday morning that she had held a conversation with Andy Burnham, and that the new PM had \u201creinforced his desire to work closely with business\u201d and be pragmatic\u201d.<\/p>\n

\u201cThe UK is still using a huge amount of oil and natural gas every single day, and we ought to be using our domestic resources first instead of buying those resources from a third party,\u201d O\u2019Neill added.<\/p>\n

\u201cYou know, I think the new prime minister has come in with a focus on being pragmatic, and with a focus on understanding how communities around the nation can benefit from developing local economic outcomes.\u201d<\/p>\n

Burnham was warned last week he could face the first revolt of his premiership over his apparent support for renewed drilling for oil and gas.<\/p>\n

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BP revealed its climbing profits days after Shell posted its second-highest quarterly earnings on record after months of market volatility caused by the Middle East crisis.<\/p>\n

Europe\u2019s largest oil company doubled its net profit to almost $10bn<\/a> in the three months to June, the highest since its record earnings in the months after Russia\u2019s invasion of Ukraine.<\/p>\n

The Middle East crisis has also helped the Saudi \u2060oil company Aramco to a \u206044% rise in \u200bnet profits to $32.69bn in \u200bthe three \u200bmonths \u200bending on \u200b30 June, despite disruptions in \u200cthe strait of Hormuz, owing to higher \u200bsales revenue for refined and chemical products and crude oil.<\/p>\n

The windfall profits for the world\u2019s biggest oil and gas companies have faced criticism. Households and businesses are struggling with rising energy bills, and millions have been affected by severe heatwaves across Europe, which are made more likely and more severe by the fossil-fuel-driven climate crisis.<\/p>\n

Donald Trump has said Chevron and ExxonMobil, which also reported sharp profit increases this week, are \u201cmaking too much money\u201d and should return some of their profits back to the public.<\/p>\n

Rosie Downes, head of campaigns at Friends of the Earth, said: \u201cClearly not everyone is feeling the pain of the energy crisis. While BP banks another round of enormous profits, millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control with increasingly severe heatwaves, wildfires and droughts.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"BP has reported its highest quarterly profits since the first year of Russia\u2019s war on Ukraine because of…\n","protected":false},"author":2,"featured_media":802386,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28],"class_list":["post-802385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/802385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=802385"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/802385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/802386"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=802385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=802385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=802385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}