BP profits hit highest since 2023 on back of Iran war

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BP has reported its highest quarterly profit since 2023, blowing past expectations, as the group’s oil traders capitalised on the volatility sparked by the Iran war.

The UK energy major on Tuesday said its adjusted profit was $3.2bn for the first quarter, compared with the $2.7bn expected by analysts.

Trading teams tend to benefit from volatility because sharp price swings create larger spreads between buyers and sellers, more opportunities for arbitrage and higher volumes of hedging.

Meg O’Neill, who started as chief executive in April, said BP had been “working relentlessly” to maintain reliable production and was helping countries “get fuel where it is needed” to minimise disruption from the war.

This is a developing story