BP posts 148% Q1 profits at $5.7bn after Iran conflict
BP just posted a 148% jump in profits for the first quarter of 2026, raking in $5.7 billion, way up from $2.3 billion last year.
The big reason? Oil prices shot up after the Iran conflict disrupted supplies through the Strait of Hormuz, a route that handles about 20% of the world's oil and gas shipments.
BP, Shell profit amid climate concerns
BP boosted its finances by selling assets and doubling down on fossil fuels, but this move is drawing criticism as climate worries grow, especially as England and Wales experienced the driest July on record and three heatwaves in as many months this summer.
BP's profit boom follows Shell revealed a 70% lift in half-year profits to $16.75bn (£12.6bn), showing how energy giants are cashing in despite ongoing climate concerns and supply disruption through the Strait of Hormuz.