Brent Crude Reaches $119.50; BP and TotalEnergies Report Higher Profits

Brent crude oil prices reached $119.50 per barrel, marking the highest level since 2022, according to a post on X by @KobeissiLetter. This peak occurred during the ongoing war involving Iran, which has disrupted energy supplies through the Strait of Hormuz.

" The New York Times reported that U.S. gas prices have continued to rise as the effects of the Iran war reverberate. Multiple sources indicate the Strait of Hormuz, which handles about 20% of global oil and liquid natural gas, has been closed due to the conflict between the U.S., Israel, and Iran.

Prior to the war, Brent crude traded around $73 per barrel, with prices fluctuating between peaks near $120 and dips below $100 based on speculation about the strait's potential reopening, currently standing at about $110 per barrel.

BP announced first-quarter profits of $3.2 billion, more than double the $1.38 billion from the same period last year, surpassing analyst expectations, as reported by BBC News and CNBC. The company noted that its oil trading business performed exceptionally, with profits in the customers and products division rising to $2.5 billion from $103 million a year earlier.

BP's upstream production stayed flat but is projected to decrease in the second quarter due to disruptions in the Middle East and seasonal maintenance. BP CEO Meg O'Neill said in a statement: "Overall, our business continues to run well. com. The company is increasing its interim dividend by 6%, citing higher oil prices and strong oil trading results during the Iran war.

TotalEnergies maintained its 2026 capital expenditure guidance at $13 billion to $13.5 billion.

The UK chancellor indicated that the results from energy companies support extending the Energy Profits Levy, a windfall tax on profits from UK oil and gas extraction introduced in 2022 after Russia's invasion of Ukraine and now set to run until March 2030.