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BP Earnings Double as Oil Prices Surge Amid Iran-Israel Conflict

4/29/2026

37 6 Full Breakdown

Summary

Story summary

BP reported earnings of $3.84 billion, more than double the prior year as the Iran-Israel war lifted oil prices.
U.S. gasoline prices hit $4.18 per gallon on April 28, the highest since Middle East conflict began, AAA said.
Brent traded near $111 a barrel while West Texas Intermediate was just under $100.
Secretary Karoline Leavitt said President Donald Trump discussed an Iranian proposal to reopen the Strait of Hormuz, without confirming it.

History

Historical Context

After the October 1973 Yom Kippur War, OAPEC—led by Saudi King Faisal—imposed an oil embargo on the United States and its allies, cutting output and driving the price of crude from $3 to $12 per barrel, a four-fold jump. The shock reshaped global energy policy and set the pattern for later crises such as the 1979 oil shock.

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Story summary

BP reported earnings of $3.84 billion, more than double the prior year as the Iran-Israel war lifted oil prices.
U.S. gasoline prices hit $4.18 per gallon on April 28, the highest since Middle East conflict began, AAA said.
Brent traded near $111 a barrel while West Texas Intermediate was just under $100.
Secretary Karoline Leavitt said President Donald Trump discussed an Iranian proposal to reopen the Strait of Hormuz, without confirming it.

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