BP Profits Double Amid US-Iran Conflict

British energy giant BP reported its net profit more than doubled in the second quarter of this year. The significant increase was fuelled by turmoil in the oil and gas markets due to the escalating conflict in the Middle East. According to the company’s financial report released on Tuesday, BP’s profit after tax soared to US$3.91 billion (approximately Rp63.5 trillion) in the April-June period. This figure rose sharply from US$1.62 billion in the second quarter of 2025, driven by a year-on-year surge in fossil fuel prices. BP is not alone in reaping these substantial gains. The five largest Western energy companies—BP, Chevron, ExxonMobil, Shell, and TotalEnergies—recorded a combined net profit of nearly US$47 billion in the second quarter. These collective earnings doubled amid tensions between the United States and Iran that disrupted global energy market stability. BP CEO Meg O’Neill, who took office last April, stated that the latest reporting period was marked as one of the most disrupted in global energy markets. BP’s total revenue rose 47 percent to US$70 billion in the second quarter compared to the previous year. Under O’Neill’s leadership, BP is undergoing a major overhaul. The company, which had previously lagged behind its competitors, is cutting back on clean energy investments and refocusing on its more profitable oil and gas business. As part of this new strategy, BP announced plans to sell several strategic assets, including its North Sea business. “We have not maximised our potential. Our performance over the last few years has not met our own expectations, let alone those of our shareholders,” O’Neill said. O’Neill, the first external candidate to lead BP in the company’s 117-year history, is now working to steer the group away from internal turmoil. BP previously faced shareholder pushback over climate reporting and the abrupt removal of Albert Manifold from the chairman’s post due to governance issues. The market response to the latest financial performance was positive. BP’s share price rose 0.5 percent in London trading after the company announced a four percent increase in its quarterly dividend. The company’s core profit measure also exceeded expectations, reaching US$5.7 billion.