By Ahmed Abdelsalam
BP has reported a near quadrupling of third-quarter profits to $8.46 billion, up from $2.21 billion a year earlier, as soaring crude prices driven by the Iran war boosted earnings across the oil sector.
Record earnings amid supply disruption
The FTSE 100 company said underlying replacement cost profits for the three months to September 30 far exceeded forecasts. The surge follows Shell’s report on Thursday of quarterly profits of $10.81 billion. BP chief executive Meg O’Neill said the firm’s refineries have been “running close to capacity” to keep oil supplies flowing after the Middle East conflict caused massive disruption to global energy markets, with the vital Strait of Hormuz shipping route remaining closed.
Criticism over ‘obscene’ profits
Campaign group Global Witness condemned the windfall, saying Europe’s six largest oil firms have now accumulated $89 billion in profits so far in 2026. Jonathan Noronha-Gant of Global Witness called it “obscene that polluters are continuing to cash in on the fallout of the war in Iran” while households face sky-high energy costs. Calls are mounting for increased taxes on the sector, though the Chancellor’s budget on Wednesday announced no change to levies on oil and gas firms.
