BP's $5.7bn profit highest since 2022 as Iran war pushes up oil price
Higher oil prices boost the energy giant's results while environmental groups accuse it of profiteering.
BP's profits have reached a record high of $5.73 billion (£4.26 billion) since 2022, following an increase in global oil prices due to the ongoing Iran war. The oil giant reported a significant increase in quarterly earnings, surpassing the $2.35 billion made in the same period last year. The surge in crude oil prices can be attributed to disruptions in global supplies through the Strait of Hormuz, leading to higher petrol and diesel prices worldwide.
Environmental and poverty campaigners have criticized BP for profiting from rising oil prices. Brent crude, the global benchmark for oil prices, averaged $103.85 a barrel during BP's April-to-June quarter, up from $67.88 in the same period last year. Other major energy companies, such as Shell, have also reported double-digit profit growth.
US President Donald Trump has criticized American oil firms, urging them to share profits with the public. BP's chief executive, Meg O'Neill, acknowledged that the company is not maximizing its potential and plans to shift away from clean energy, selling its US renewable natural gas business Archaea. Despite the profit growth, BP's CEO believes the company needs to prioritize value and long-term returns.
Critics argue that oil firms are profiting from a crisis that has negatively impacted households, and some propose implementing a windfall tax to alleviate the burden on consumers.
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