Stories

Tue, 04 Aug 2026

Tue, 04 Aug 2026 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 has reported a quarterly profit of $5.73bn, more than double its profit from the same period last year and the highest since 2022.
* The increase in profits is due to the rise in oil prices caused by the conflict in the Middle East.
* Environmental and poverty campaigners have criticized BP for "profiteering" off skyrocketing oil prices.
* BP's chief executive, Meg O'Neill, said the company is not reaching its full potential and plans to sell off its US renewable natural gas business Archaea.
* The sale of the North Sea business was also announced last week, which would end 60 years of production in the region by the company.
* Campaign groups have accused oil companies of making excessive profits during a time of crisis for households.
* The Energy Profits Levy, a windfall tax introduced in 2022, only applies to profits made from extracting oil and gas in the UK.