2 billion in Q1, its best quarter since Russia's invasion of Ukraine, according to major media reports. 5 billion in the same period, according to major media reports. Oil prices have soared more than 60% since the US-Israel war on Iran began on February 28, with Brent crude reaching close to $120 per barrel at one stage and remaining above $100 as peace talks falter, according to multiple reports.
The blockade of the Hormuz Strait has contributed to market instability and high prices, according to major media reports. 83p before the war, the RAC said. Brent crude also exceeded $90 per barrel, a level not seen in nearly two years, according to major media reports.
Right now, we're operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and shifting global energy demand. I'm committed to providing clear direction and consistency so we can move forward together with confidence.
2 billion in global 'war profits' since the Iran war started, with UK households seeing £3 billion in such profits since January, equivalent to £102 per household. According to Daily Mirror - Main, Simon Francis, coordinator of the coalition, described the profits as built on the backs of financial suffering in UK households and called for a windfall tax. According to The Independent - Main, Mike Childs of Friends of the Earth said fossil fuel giants profit when global instability inflates fuel prices, while ordinary people pay the price.
BP's new CEO Meg O'Neill took over on April 1, 2026, and announced a corporate reset with two divisions: upstream and downstream. She is the first female CEO of a British energy major and the fourth BP CEO in under three years, according to major media reports. In an official statement, O'Neill said the company is operating in an environment of significant complexity and that she is committed to providing clear direction.
Around a quarter of every energy bill is taken in profit by a range of firms involved in the industry and that figure could well grow thanks to the war profits still being generated by the energy industry. Not only do these firms profit off the back of a war which has killed thousands of civilians, but the profits are also built on the backs of financial suffering in UK households. It can't be right that while the public see their energy bills increase, energy firms make billions and employ rafts of accountants to maximise their profits and lobbyists to campaign against the windfall tax. The only winners from the conflict with Iran appear to be the oil and gas giants who control the prices we pay. The sooner we get off the fossil fuel price rollercoaster through increased energy efficiency of buildings and more renewables, the better.
She also noted that BP teams are working to keep oil, gas and refined products flowing during a challenging time. BP's stock market value has surged to over £90 billion since the Iran war began, according to major media reports. 65 billion in the first quarter of 2026, according to major media reports.
European stock markets fell due to fears of inflation from rising energy costs, according to major media reports. Campaigners, including the End Fuel Poverty Coalition and Friends of the Earth, are calling for a windfall tax on oil and gas companies profiting from the Iran conflict. According to Daily Mirror - Main, Dan Coatsworth of AJ Bell described how the spike in oil prices led investors to expect bumper profits, but noted a delay in BP feeling the benefit due to pricing lags.
Just as we saw in 2022 following Russia's invasion of Ukraine, fossil fuel giants are quids in when global instability drastically inflates fuel prices. But again, it's ordinary people who pay the price when soaring energy prices threaten to plunge the UK into an even deeper cost of living crisis.
It remains unclear whether the UK government will impose a new windfall tax on oil and gas profits, and how long elevated oil prices will persist. The impact on household energy bills when the price cap is updated on July 1 is also uncertain.
The teams across BP are playing their part to keep oil, gas and refined products flowing during an incredibly challenging time – focused on maintaining safe, reliable and cost-efficient operations. We are working with customers and governments to get fuel where it's needed, helping minimise disruption and the impact it can have on people's lives.
BP has given a glimpse into how the Middle East war is impacting its business and it's not all plain sailing. The spike in oil prices since the beginning of March led investors to expect bumper profits from oil producers. BP doesn't feel the benefit of higher prices immediately as there is a slight delay due to how output is priced on a one and two-month lagged basis.