BP Reports $3.2 Billion Q1 2026 Profit

-Israel war with Iran. 5 billion compared to $103 million a year earlier. BP stated that upstream production remained flat in the first quarter but expects lower output between April and June 2026, partly due to disruption in the Middle East.

U.S. 5 per barrel. 92% on Monday, May 2, 2026, extending its rally to a seventh straight day and climbing above $110 for the first time in three weeks after the White House reiterated 'red lines' in negotiations with Tehran.

The Strait of Hormuz, which usually carries about 20% of global supplies of oil and liquid natural gas, has been effectively closed since the war began before April 2026. Before the conflict, Brent crude traded at around $73 per barrel; since then, it has risen to nearly $120 at one point and fallen below $100 at another, currently standing at about $110 per barrel.

BP's share price rose 3% on Tuesday, May 2, 2026, and has increased by about 20% since the war started.

1% gain. The results are the first under BP's new chief executive, Meg O'Neill, who took over at the beginning of April 2026 after Murray Auchincloss left the role after less than two years. O'Neill said she had joined 'at a time when our industry is operating in an environment of conflict and complexity' and added that BP had been 'working with customers and governments to get fuel where it's needed, helping minimize disruption'.

Susannah Streeter, chief investment strategist at Wealth Club, said BP's trading division had 'clearly thrived in an environment of wild swings, leading to high velocity trading,' but noted that production was 'not immune to the damage and destruction wreaked on facilities across the Gulf'.

Charles Hall, head of research at Peel Hunt, said BP was being cautious about the second quarter, adding that while the strong trading performance was 'probably going to last a little bit longer,' 'there are other things going on and obviously it's a pretty uncertain world at the moment'.