BP Reports Highest Quarterly Profits Since 2022 Amid Rising Oil Prices and Middle East Conflict
BP reported a profit of $5.73 billion for the second quarter of 2026, marking its highest quarterly performance since the start of the Russia-Ukraine war. The surge in profits was primarily driven by high oil prices resulting from the Middle East conflict, which disrupted global supplies through the Strait of Hormuz. Meg O'Neill, the chief executive of BP, stated that while the company achieved strong financial results, it is not yet reaching its full potential. To improve performance, O'Neill plans to prioritize assets with the strongest potential for long-term value, leading to the sale of the North Sea business and the US biogas business, Archaea. The administration's oil giants have faced criticism from environmental groups for profiteering during the energy crisis. Meanwhile, President Trump said that American oil firms ExxonMobil and Chevron were making too much money and urged them to cut retail prices for consumers.