The oil and gas producing giant BP has recorded a more than doubling of profits as it benefits from high prices from the Iran war.
Benchmark oil prices have soared since early March as attacks led to the effective closure of the Strait of Hormuz, through which about a fifth of the world’s oil and liquified natural gas (LNG) flowed.
BP has been a big beneficiary; its results for the first three months of its financial year show its underlying profits hit $3.198bn (£2.366bn).
It’s even better than the doubling to $2.7bn (£1.99bn) that analysts had expected.
A year earlier, that profit measure had been $1.381bn (£1.021bn).
BP was explicit about the contribution of higher oil prices. The profit “reflects exceptional oil trading”, it said.
Fossil fuel producers are still subject to a windfall tax – a levy imposed in the wake of Russia’s invasion of Ukraine, after which some companies had record profits.
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