BP profits more than double as Iran war sends oil prices higher
BP's profits for the first three months of the year have more than doubled following a surge in oil prices since the beginning of the Iran war.
In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an "exceptional" performance in its oil trading business.
The figure was higher than analysts had expected and far ahead of income in the same period last year which reached $1.38bn.
The oil price has seen sharp swings since the start of the US-Israel war with Iran as the key Strait of Hormuz - which usually carries about 20% of the global supplies of oil and liquid natural gas - has been effectively closed.
Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel.
Since then, oil has risen to nearly $120 at one point, but it has also fallen below $100 as speculation has swirled over when the Strait of Hormuz will reopen. Brent currently stands at about $110 a barrel.