BP unveiled an extraordinary profits bonanza today as Brits suffer from the Middle East crisis.

The energy giant said it made $3.2billion between January and March - more than double the previous three month period.

The surge was down to an 'exceptional' performance in the firm's trading division, which has benefited from the Iran war's impact on oil prices. Brent Crude was just short of hitting another new high since the chaos erupted this morning, at $111 a barrel.

It leaves motorists facing more eye-watering prices at the pumps, while ministers have been raising alarm that the 'Trumpflation' impact will last at least until next year.  

BP's profits were much higher than the $2.7billion City analysts had predicted and more than double the $1.5billion reported in the previous quarter. 

The company said the performance of its oil trading division had been 'exceptional,' as it benefited from volatile oil prices due to the closure of the Strait of Hormuz.

Brent crude averaged $81.13 a barrel in the first quarter, compared to $63.73 in the fourth quarter of 2025, due to price lags. Oil prices have continued to rise and brent crude is now up to $110 a barrel as of this morning.

However, the FTSE-100 firm warned that fuel margins are expected to 'remain sensitive' and underlying oil and gas production will be flat this year because of the ongoing disruption in the Middle East.

Net debt rose to $25.3 billion from just over $22 billion in the previous quarter, pushed up by lower operating cash flow, which came to $2.9 billion.

Oil and gas production was broadly flat, while results in its gas trading division had been average due to price lags.

It is BP's first set of results under new chief executive Meg O'Neill, who took over at the beginning of the month.

She said she had joined 'at a time when our industry is operating in an environment of conflict and complexity, playing a vital role in keeping energy flowing.'

She added: 'Overall, our business continues to run well. This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets.'

The American is expected to pivot BP back to focusing firmly on oil and gas, after a disastrous foray into renewables.

BP has come under pressure from shareholders, including activist investor Elliott, to pay down its debt and streamline operations.

Duncan Ferris, Investment Writer at Freetrade, said: 'The firm has been among the best-performing supermajors since the escalation of conflict in Iran. Higher oil prices, and the opportunities they offer to the company's traders, have breathed life into a stock battered by faltering low-carbon projects and investor unrest.

'A blockbuster quarter buys the company time, but is it an aberration? Or does this strong showing herald the start of a new era of the kind of sustainable cash generation and balance sheet repair shareholders have been calling for?'

Shares in BP opened 2.46 per cent higher at 586p.

Cabinet minister Darren Jones said at the weekend that the fallout from 'what Donald Trump has done' would have a 'long tail' even if the Strait of Hormuz reopened immediately.

That looks unlikely, with talks between the US and Iran having seemingly collapsed. 

The war has already forced up pump prices for petrol and diesel as well as putting pressure on jet fuel, but the full effects have yet to feed into the supply chain. 

The Middle East is a crucial source for products such as fertiliser and CO2, which is used in agriculture, industry and medicine. 

Keir Starmer told Mr Trump in a call on Sunday that there is an 'urgent need' to reestablish the crucial shipping passage - through which around a fifth of the world's oil and gas typically passes.

A Downing Street readout said Sir Keir warned the restrictions were having 'severe consequences for the global economy and cost of living for people in the UK and globally'.