BP profit hits 18-year high as wars lift refining
· Energy · United Kingdom · United States
BP's quarterly profit nearly quadrupled to $8.46bn, an 18-year high, as the wars in the Middle East and Ukraine drove up oil and gas prices and refining margins. Climate campaigners called the result "obscene" while the company hailed a "banner quarter". Chevron and Exxon hit all-time highs as refining profits soared, with global diesel prices surging after Ukraine and Iran struck refineries in Russia and the Middle East. Oil settled at six-month highs on fears of escalation. Hedge funds meanwhile amassed the largest-ever short position on US natural gas on expectations of a warm winter.
Why it matters：War-driven refining windfalls show how conflict is redistributing profits to energy majors while consumers face higher fuel costs.
Key points
- BP profit nearly quadrupled to $8.46bn
- Chevron and Exxon hit all-time highs on refining margins
- Hedge funds built the largest-ever short on US natural gas