Britain’s BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran.
The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. That beat analyst expectations of $5 billion, according to an LSEG-compiled consensus.
BP’s net profit came in at $2.35 billion over the same period last year and $3.2 billion for the first three months of 2026.
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