BP profits more than double as Iran war sends oil prices higher

BP reported first-quarter profits of $3.2 billion, more than double the prior year, driven by an 'exceptional' oil trading performance amid the Iran war and the closure of the Strait of Hormuz, which has caused Brent crude to fluctuate between $100-$120 per barrel—trading volatility that widens profit margins for commodity traders. The article is well-sourced with named analysts (Streeter, Hall), specific financial figures, and bylined reporting by business correspondent Nick Edser; it includes material context on production flatness, the new CEO transition, and the UK windfall tax framework. Independent reporting from Bloomberg and CBS News corroborates BP's outperformance relative to peers like Exxon and confirms ongoing stalled peace negotiations, which adds credibility to the volatility narrative. The article balances industry commentary with critical voices from environmental groups warning of consumer energy bill impacts, and flags the July price cap revision expected to add £200 to typical household bills—a concrete metric readers should monitor.