BP's $5.7bn profit highest since 2022 as Iran war pushes up oil price
📰 source: bbc_business · 💼 business
bp reported a $5.73bn quarterly profit for april-june, the highest since 2022 and more than double the $2.35bn a year earlier. the surge came as the iran war pushed up oil prices, with brent crude averaging $103.85 a barrel versus $67.88 last year. the middle east conflict disrupted supplies through the strait of hormuz, raising petrol and diesel prices worldwide.
rival shell also doubled profits, and president trump said exxonmobil and chevron were "making too much money," suggesting they cut consumer prices. bp ceo meg o'neill said the company wasn't reaching its full potential and unveiled plans to sell its us renewable natural gas business archaea and exit north sea production after 60 years. campaigners including greenpeace and the end fuel poverty coalition blasted bp for "profiteering" and called for windfall taxes to clear household energy debt.
bp says the sell-offs aim to focus on assets with strongest potential, though aj bell's russ mould noted o'neill can't rely on high prices indefinitely.
why it matters: iran war supply disruption drives record oil profits, raising pressure for windfall taxes and consumer price relief.
source: bbc_business
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