Oil giant BP’s profit hit $5.7bn (£4.26bn) in the second quarter of this year, more than double what it made a year earlier, thanks in part to the Iran war and the resulting rise in crude oil prices.
The news follows the recent announcement that Shell made $9.84bn profit (£7.4bn) in the second quarter of 2026, more than double the $4.26bn it reported in the same period last year. BP’s Customers & Products division, which includes forecourts, EV charging, lubricants and aviation fuel, recorded profit before interest and tax for the second quarter of 2026 at $5.1bn, compared with $2.5bn for the previous quarter.
The company says this reflected seasonally higher volumes, higher fuels margins, a stronger Castrol performance and a slightly higher midstream contribution, partly offset by lower contributions from bioenergy.
Despite the size of these profits, BP’s CEO Meg O’Neill, says the company was not making the most of its potential, and its performance over the past few years was not up to scratch.
Meanwhile, after an all-day negotiation with Iran yesterday, President Trump has said the Strait of Hormuz will open “very soon” and if it doesn’t “Iran would be hit hard”.
