How have BP profits more than doubled during the Iran war oil crisis?

"BP's chief executive Meg O'Neill praised the company's first-quarter performance, stating it sends the firm in the right direction and strengthens the balance sheet. However, critics have labeled the energy giant's revenues as horrifying, especially as millions suffer the fallout from war."

"The FTSE 100 firm revealed its preferred profit measure, underlying replacement cost profit, surged by over 130 percent to a better-than-expected $3.2 billion in the first quarter, up from $1.38 billion a year earlier."

"Campaigners accused BP of profiting at the expense of households, who have seen fuel prices rocket at the pumps and are set to see energy bills jump higher once more when the price cap is next updated on 1 July."

BP reported a significant increase in profits, more than doubling in the first quarter due to rising crude oil prices linked to the Iran war. The company's underlying replacement cost profit surged over 130% to $3.2 billion, exceeding analyst expectations. Critics have condemned BP for profiting while households face soaring fuel prices and impending increases in energy bills. The price of oil has risen sharply, impacting consumers and raising concerns about the energy giant's financial gains amid global conflict.

Read at www.independent.co.uk