BP slammed as price shock profiteers after revealing 4.2bn profits boosted by Iran war

The oil giant has raked in its strongest quarterly profits for four years thanks to volatile energy prices during the Middle East conflict

Will Stone and Tom Hutchison Associate Editor

16:52, 04 Aug 2026

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(Image: Maureen McLean/Shutterstock)

BP has been slammed as price shock profiteers after revealing massive profits boosted by the Iran war. The oil giant has raked in its strongest quarterly profits for four years thanks to volatile energy prices during the Middle East conflict.

Its second-quarter profits more than doubled to $5.73 billion (4.2bn), up from $2.3bn (1.7bn) a year earlier, vastly outperforming analyst expectations. The sharp jump in profits came as new boss Meg ONeill said she is taking urgent action to create more value for shareholders.

Rivals including Shell and ExxonMobil have also reported stronger profits after the boost linked to the conflict.

[US President Donald Trump]

Donald Trump says energy firms are making "too much money" out of the Iran War.(Image: AFP via Getty Images)

Even Orange Manbaby Donald Trump has slammed oil companies for making too much money from the global energy market disruption caused by his war on Iran.

He said the companies would give some of that back to the public, adding: Theyre making too much money based on a shortage... I dont like it.

Green campaigners accused BP of profiteering from a climate crisis.

Friends of the Earths head of campaigns Rosie Downes said: Clearly not everyone is feeling the pain of the energy crisis.

She warned that millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control.

[A petrol pump]

Energy and petrol prices have gone through the roof(Image: Getty Images)

End Fuel Poverty Coalitions Simon Francis said: The price shock profiteers have banked more billions from a crisis that has created real hardship for millions of households.

Greenpeace political campaigner Angharad Hopkinson said: Weve just experienced the driest July on record and BP has driven record-breaking droughts, unprecedented wildfires and extraordinary excess heatwave deaths.

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