BP profits jump as Middle East conflict drives up oil refining margins
BP has posted a jump in quarterly profits to $8.46bn, up from $2.2bn a year ago, as the Middle East conflict drove up oil and gas prices.
The energy company announced on Friday that its third-quarter underlying replacement cost profit rose significantly, driven by the war in the Middle East which has disrupted trade flows and increased energy prices. Analysts had expected profits of $7.33bn, but BP surpassed this with its $8.46bn result.
BP attributed the profit jump to 'significantly higher realised refining margins and significantly higher gas and marketing trading result.' The company's refining business particularly benefited from severe disruptions to refineries in the Gulf region and across Russia, causing fuel prices to soar to all-time highs across the UK, Europe and the US.
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