Energy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarter

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BP’s quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East.

The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than 130% from $1.38bn in the equivalent period a year ago. It is the company’s highest quarterly profit since 2023 and outstripped City forecasts of $2.67bn.