Benefiting from soaring oil prices, British Petroleum's first-quarter profit doubled.

British Petroleum (BP) stated that its profit in the first quarter surged due to the Iran war driving up its oil trading business, leading to a substantial increase in energy prices. In its financial report, BP stated that adjusted net profit more than doubled year-on-year to $3.2 billion, with the closely watched net debt metric rising by approximately 14%. The company had previously forecasted its oil trading performance to be "exceptionally strong," benefiting from the rise in oil prices, while avoiding the large-scale production cuts that some competitors in the Middle East region had faced. The profit growth provided a boost for newly appointed CEO Meg O'Neill, who is tasked with reducing debt, streamlining the company's structure, and exiting unsuccessful low-carbon investment projects. BP stated that strong production performance from its assets in the Gulf of Mexico and US shale oil offset disruptions in the Middle East region.