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BP Profits Surge As Iran War Drives Oil Prices Higher. BP has reported a sharp rise in profits, boosted by soaring oil prices following the Iran conflict. The energy giant posted $3.2 billion in profits for the first quarter, more than double the same period last year and well above expectations. The increase was driven by strong performance in its oil trading division, as global prices surged amid disruption to supply routes. The conflict has pushed Brent crude to around $110 a barrel, significantly higher than pre-war levels, as tensions around the Strait of Hormuz impact global energy flows. New chief executive Meg O'Neill said the company is operating in a period of “conflict and complexity”, working to minimise disruption. Despite the profit boost, BP warned production could fall in the coming months due to ongoing instability in the Middle East.
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