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BP profits more than double as Iran war lifts oil prices
BP reports Q1 2026 profits of $3.2 billion, more than doubling year on year, driven by strong oil trading as prices rise amid the Iran conflict. The results come as Meg O'Neill begins her tenure as BP chief executive.
Why It Matters
The earnings illustrate how geopolitics and volatile oil prices influence energy majors, with BP benefiting from trading strength while upstream production remains flat, highlighting market sensitivity to Middle East disruptions.
Timeline
3 Events
BP Q1 2026 profits reported; strong trading, profits up; outlook
April 28, 2026
BP reported profits of $3.2 billion for January–March 2026, more than double the $1.38 billion in the same period a year earlier, aided by an exceptional performance in oil trading. Profits in BP’s Customers and Products division rose to $2.5 billion from $103 million. Upstream production was flat in the quarter, and BP said Q2 production could be lower due to disruption in the Middle East. Brent crude was around $110 per barrel, versus about $73 before the Iran war began. This was the first results under new CEO Meg O'Neill.
Meg O'Neill becomes BP chief executive
April 2026
Meg O'Neill took over as BP chief executive at the beginning of April 2026, succeeding Murray Auchincloss.
Iran conflict begins; Strait of Hormuz disruption and oil price rise
February 28, 2026
The US-Israel conflict with Iran began on February 28, 2026. The conflict led to a surge in oil prices as the Strait of Hormuz was effectively closed.