BP profits more than double as Iran war and shipping disruptions drive oil prices higher

BP's profits have more than doubled in the latest quarter, propelled by soaring oil prices triggered by the ongoing Iran war and disruptions in key shipping routes. The energy giant attributed the surge to an "exceptional" performance in its oil trading business, as reported by the BBC.

Oil prices have climbed above $110 per barrel amid an impasse in the conflict, with the near-closure of the Strait of Hormuz— a vital chokepoint for global oil shipments—upending markets and fueling supply fears. Bloomberg noted that crude steadied on Tuesday as traders shifted focus to upcoming US-Iran peace talks, though the indefinite shutdown continues to stoke volatility. This escalation has sent benchmark crude to around $100 per barrel as of Wednesday, still sharply higher than a year ago despite recent monthly dips.