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Oil profits surge as Middle East war lifts crude and BP windfall grows
Brent crude was up 1.3% to $85.08 a barrel, and BP said its second quarter profit more than doubled to $5.73bn.
Oil company profits have surged as higher energy prices linked to the war in the Middle East continue to boost earnings, with BP highlighting what it called windfall gains in its latest results. The Guardian reports BP’s second quarter profit more than doubled year over year to $5.73bn, beating analyst expectations.
The same broader pattern is showing up at other major producers. Saudi Aramco reported a 44% increase in net profit to $32.69bn for the three months ended June 30, up from $22.67bn a year earlier, according to the outlet.
Political criticism has intensified alongside the earnings rise, the Guardian notes. President Donald Trump openly criticized US oil giants ExxonMobil and Chevron for making “too much money” as crude prices have climbed, after both companies reported large windfall profits earlier this month.
The price backdrop remains supportive for the sector, the coverage says. Brent crude was up 1.3% to $85.08 a barrel, while the outlet also cited US gasoline averaging $4.10 per gallon.
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