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BP profit jumps to $5.73bn, highest since 2022 amid higher oil prices
BP said Brent averaged $103.85 a barrel in the April to June quarter, up from $67.88 a year earlier.
BP reported quarterly profit of $5.73bn for the April to June period, its highest since 2022, after the conflict in the Middle East pushed oil prices higher and disrupted global supplies through the Strait of Hormuz, according to BBC Business.
The outlet said the profit more than doubled from $2.35bn a year earlier, and came as Brent crude, the benchmark, averaged $103.85 a barrel in the quarter, up from $67.88 over the same period last year.
BBC Business reported that campaign groups accused BP of profiteering from the surge in crude, which has fed through to higher petrol and diesel prices and increased domestic energy costs worldwide.
Separately, BP chief executive Meg O'Neill said the company was not reaching its full potential and confirmed plans to sell its US renewable natural gas business Archaea, while also putting its North Sea business up for sale as part of a broader move to prioritize value over clean energy sentiment.
Latest closeWTI crude $80.00 ▼5.5%|Brent $83.63 ▼7.2%|Nat gas $2.771 ▲0.9%