BP profits highest in four years as Iran war pushes up oil price
BP reported its highest quarterly profits in four years, driven by rising oil prices linked to the conflict in the Middle East. Despite the financial success, the company faces criticism from environmental groups for its decision to scale back renewable energy investments.
Why it matters
The report highlights the tension between corporate profitability during geopolitical instability and the global transition toward sustainable energy.
Image source, Bloomberg / Getty Images By Emer Moreau Business reporter Published 10 minutes ago Profits at BP have surged to a four-year high after the war in the Middle East pushed up oil prices.
The oil giant reported a profit of $5.73bn (£4.26bn) between April and June. That was more than double the $2.35bn it made in the same period last year and the highest quarterly profit since the start of the Russia-Ukraine war in 2022.
The price of crude has jumped since the outbreak of the Iran war earlier this year due to major disruption to global supplies of oil and gas through the Strait of Hormuz.
Environmental and poverty campaigners blasted BP for "profiteering" off skyrocketing oil prices.
Despite the big rise in profits, BP chief executive Meg O'Neill said the company was not reaching its full potential.
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