BP's first-quarter profits more than doubled to $3.2 billion, fueled by sharp oil price swings during the Iran war that began February 28, 2026. The oil and gas giant attributed the boost to exceptional oil trading performance and stronger midstream operations.
Brent crude prices surged from $70 per barrel in early February to over $120 by late March. BP's upstream production remained stable at approximately 2.3 million barrels of oil equivalent per day, with a notable 411,000 barrels daily from Middle East operations.
Separately, Barclays reported increased first-quarter income, with trading volatility from the Iran war offsetting concerns over loan losses. Total income rose 6% to £8.2 billion, and profit before tax reached £2.8 billion. The bank's investment bank saw income exceed £4 billion for the first time, driven by strong trading and advisory activity.
Barclays announced a £500 million share buyback and reiterated its financial targets, citing a strong capital position. Despite rising loan losses, including a £228 million charge linked to the collapse of Market Financial Solutions, the bank's performance in equities trading and investment banking saw significant year-on-year growth.