BP profits more than double as Iran war sends oil prices higher

bp profits more than doubled in the first quarter to $3.2bn, driven by a surge in oil prices after the iran war began on 28 february. the result beat analyst expectations and was more than double the $1.38bn from the same period last year. brent crude is now around $110 a barrel, up from about $73 before the conflict. the strait of hormuz, which normally carries about 20% of global oil and lng, has been effectively closed. bp's trading unit alone swung to $2.5bn in profit from just $103m a year ago. the results are the first under new ceo meg o'neill, who took over in april after murray auchincloss left. upstream production was flat, and bp expects lower output in q2 due to middle east disruption. environmental group friends of the earth called the profits "quids-in" from global instability, while uk household energy bills, currently capped at £1,641 a year, are estimated to rise by about £200 in july.