British energy giant BP has reported quarterly profits of $5.73 billion, its highest since the first year of Russia's war on Ukraine. These earnings, which follow Shell posting its second highest quarterly earnings on record, are more than double the $2.35 billion made in the April to June period in 2025.
The company's net profit increased by $2.5 billion from the previous quarter. This growth occurred as oil majors benefited from market volatility and rising oil and gas prices.
The surge in profits is attributed to the ongoing conflict in the Middle East, which has roiled oil and gas markets and continued to disrupt energy flows and exports from the Gulf.