A BP gas station in Lymm, Cheshire, England, on April 15, where the Iran conflict has caused disruptions in fuel supplies, leading to skyrocketing prices at the pumps. Peter Byrne/PA
BP’s earnings more than doubled in the initial quarter of the year, as the company’s oil traders capitalized on the volatility in oil prices caused by the Iran conflict.
The UK energy leader announced a first-quarter earnings of £3.2 billion ($4.3 billion), rising from £1.4 billion ($1.9 billion) in the initial three months of 2025.
BP stated in an earnings report on Tuesday that the increase was due to an “extraordinary” oil trading performance. Traders profit from significant fluctuations in oil prices, referred to as volatility, if they can correctly foresee the trend direction.
Enhanced margins in its oil refining sector contributed positively, alongside a better performance from its midstream operations, which manage the storage and transit of oil and natural gas. The firm’s stocks rose 2.8% in London, reaching £5.88 ($8).
CEO Meg O’Neill — who assumed leadership at the start of April and is the first female leader of the company — stated that BP was “working tirelessly” to ensure dependable production. “We’re collaborating with clients and governments to deliver fuel where necessary, aiding in reducing disruptions,” she stated.
Brent crude oil surpassed $110 a barrel on Tuesday, marking its highest level since early April. The global oil benchmark was priced at approximately $73 shortly before the U.S. and Israel initiated strikes on Iran on February 28. It was at $60 at the beginning of the year.
In the meantime, the End Fuel Poverty Coalition, a campaigning organization, demanded a windfall tax on companies benefiting from the energy crisis caused by the Iran war. “These huge profits serve as a shocking reminder that when conflict causes oil and (natural) gas prices to rise, energy firms benefit while families suffer,” said Simon Francis, the group’s coordinator, in a statement.
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