Story perspectives

BP Posts $3.2B Profit, Fueled by $2.5B Trading Gain

4/29/2026

Summary

BP Posts Profit

BP posted profit of $3.2 billion, more than double the $1.38 billion a year earlier.
An “exceptional” oil-trading gain of $2.5 billion, up from $103 million a year earlier, drove profit.
Brent hovered near $110 a barrel following the Iran war's start on 28 February and the Strait of Hormuz closure.
Shares rose about 2 % as net debt rose to $25.3 billion while CEO Meg O’Neill said firm works with customers and governments to supply fuel.

Summary

BP Vote Down

Shareholders voted down BP’s softened climate targets, 25 % opposing, as activists protested in London demanding a windfall tax.
Simon Francis of End Fuel Poverty Coalition urged the UK to tax oil majors profiting from the Iran-related surge.
Kenya’s Energy and Petroleum Regulatory Authority will raise pump prices as Brent Crude tops $100, prompting Central Bank economists to warn that such prices could depress the shilling and swell the import bill.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo that lifted the posted price from $3 to $12 per barrel, a four-fold jump that reshaped global energy policy. The shock spurred the creation of strategic reserves and windfall-tax debates that reappear as BP posts a $2.5 billion trading gain while Brent trades above $110 amid the Iran-related Strait of Hormuz closure.

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BP Posts Profit

BP posted profit of $3.2 billion, more than double the $1.38 billion a year earlier.
An “exceptional” oil-trading gain of $2.5 billion, up from $103 million a year earlier, drove profit.
Brent hovered near $110 a barrel following the Iran war's start on 28 February and the Strait of Hormuz closure.
Shares rose about 2 % as net debt rose to $25.3 billion while CEO Meg O’Neill said firm works with customers and governments to supply fuel.

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