BP Profits Surge as Oil Prices Climb on Supply Fears

BP reported that profits more than doubled in the first quarter, driven by higher oil prices and strong trading performance, Nick Edser reported for BBC News.

BP reports strong quarterly earnings as global oil prices remain volatile. (Photo: bp Facebook)

The company posted profits of $3.2 billion for the January–March period, compared with $1.38 billion a year earlier, exceeding analyst expectations.

Oil prices have been volatile, with Brent crude trading around $110 per barrel. Prices surged earlier in the year, briefly nearing $120, amid concerns over supply disruptions linked to tensions in the Strait of Hormuz.

Before the tensions escalated, Brent crude was trading at around $73 per barrel.