Story perspectives

BP posts $5.7 B profit as Trump calls off Iran strike

8/4/2026

Summary

BP Beats Forecast

BP reported a replacement-cost profit of $5.7 billion for the April-June quarter, topping the $5 billion forecast.
The profit doubled to $5.73 billion, the highest since Russia’s war on Ukraine began.
BP raised its dividend 4% to 8.66 cents and cut net debt to $22.25 billion from $25.3 billion.
CEO Meg O’Neill announced BP will exit the UK North Sea and sell its US biogas unit Archaea.

Summary

Trump Calls Off

U.S. President Donald Trump announced calling off a massive strike on Iran after Iran, the UAE, Qatar and Saudi Arabia indicated a possible deal.
Iran’s foreign ministry spokesperson Esmaeil Baqaei said an Oman-brokered shipping route does not guarantee the Strait of Hormuz will reopen.
Hunter Biden and California Governor Gavin Newsom publicly accused Chevron and ExxonMobil of profiting from the Iran war, blaming the companies for higher pump prices.

History

Historical Context

In October 1973 OAPEC, the arm of OPEC, embargoed oil shipments to the United States to protest U.S. arms support for Israel during the Yom Kippur War. The embargo pushed barrel prices from roughly $3 to $12 by December 1973—a 300 % rise that boosted BP’s earnings. This precedent of price spikes resurfaces in today’s $5.7 billion BP profit and aborted US strike on Iran.

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BP Beats Forecast

BP reported a replacement-cost profit of $5.7 billion for the April-June quarter, topping the $5 billion forecast.
The profit doubled to $5.73 billion, the highest since Russia’s war on Ukraine began.
BP raised its dividend 4% to 8.66 cents and cut net debt to $22.25 billion from $25.3 billion.
CEO Meg O’Neill announced BP will exit the UK North Sea and sell its US biogas unit Archaea.

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