OIL giant BP has reported its highest quarterly profit since 2023 in its latest trading update, as the group capitalised on rising oil prices sparked by the ongoing conflict in the Middle East.
In its first results since the war in Iran broke out in February, BP reported a surge in profits to $3.2bn (£2.3bn) in the first financial quarter, up from $1.3bn the prior year.
This also surpassed analyst expectations of $2.7bn.
The group credited the surge to rocketing oil prices, stating it reflected "exceptional oil trading" in addition to "seasonal inventory builds".
Brent crude, the global benchmark for oil, has soared since early March as attacks across the gulf led to the effective closure of the Strait of Hormuz, which transports a fifth of the world's oil, while plants and ports across the region have been damaged.
The results are the first under chief executive Meg O'Neill, who took over from Murray Auchincloss at the beginning of April, who left after less than two years in the role.
O'Neill admitted joining at a time when "our industry is operating in an environment of conflict".
When asked about BP's results, Chancellor Rachel Reeves said: "With regards to the profits of energy companies, that is exactly why we extended the energy profits levy to make sure that windfall profits could be taxed appropriately."
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