BP's profits have surged to $3.2 billion (£2.4 billion) in the first quarter of 2026, coinciding with the commencement of the Iran war. This represents a 130 per cent increase, far outperforming industry analyst forecasts which predicted $2.67 billion (£1.97 billion) in profits.
Exceptional Trading Performance
BP cited "exceptional" contributions from oil trading and improved midstream operations as the primary drivers behind the substantial profit surge. The company's new chief executive, Meg O’Neill, stated: "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."
Energy Sector Profits and Household Impact
Meanwhile, energy firms collectively posted profits of £23.1 billion in 2025, at a time when UK households are being warned of soaring bills in the coming months. While energy bills for the average UK household fell by 7 per cent on April 1, 2026, marking a decrease of approximately £117 per year, they are expected to rise again in July. Projections indicate a 12 per cent increase from July 1, 2026, adding approximately £196 a year to the typical household bill.
The energy sector's profits have risen from £22.7 billion in 2024, according to new analysis by the End Fuel Poverty Coalition. Simon Francis from the coalition commented: "These figures are a damning verdict on an energy system that is failing the people it is supposed to serve. Households were already struggling with rising bills before Russia invaded Ukraine and sent gas prices through the roof. Now Trump’s war in Iran is delivering a third hammer blow. While households face another bill rise in July and millions remain trapped in fuel poverty, the companies that control our energy supply are cashing in."
Criticism and Calls for Reform
Robert Palmer, Deputy Director of Uplift, said: "It’s appalling that while millions are worrying over energy bills, these figures show that even before the war in Iran, energy companies were raking in billions of profits. The war is going to make all of this worse - with higher energy bills for most of us, while around the world oil companies are making an obscene $30 million (£22 million) an hour in unearned profits. The UK’s dependence on oil and gas is making all of us poorer. All except for the oil bosses and their shareholders who, once again, are profiting at our expense. That’s why we must ramp up renewables, and upgrade homes with solar power, batteries and heat pumps. It is the only way to insulate ourselves from energy shocks and protect the climate. We also need to support those who need it most with financial help. We should be putting these profits back in people’s pockets, not making the public pay for what is a humanitarian and economic disaster."
