BP profits more than double as Iran war sends oil prices soaring
Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on record Business live – latest updates BP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis. The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three…
BP's quarterly profits have more than doubled to $5.73bn, according to the Guardian Business. This increase is attributed to rising oil and gas prices caused by the ongoing conflict in the Middle East, which has disrupted energy exports from the Gulf.
The National UAE reports that six of the world's biggest oil companies, including BP, posted a combined $79.4 billion in second-quarter net income. Brent crude averaged about $104 a barrel, up more than 50 per cent year-on-year. The Iran war sent prices higher while disrupting flows through the Strait of Hormuz.
BP's profits are also reported by Associated Press to have more than doubled to $3.9 billion in the second quarter. The company based in London, along with other big oil companies, has seen massive profits as fighting in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. Other major oil companies, including ExxonMobil and Saudi Aramco, have also reported significant profits, with ExxonMobil's net income more than doubling to $14.5 billion.
Brief written by urgent.news from Guardian Business, The National UAE, Associated Press — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
