BP has been slammed for raking in billions from a “war bonus” boosted by the US-Iran conflict, while UK households face soaring energy bills.
The FTSE 100 company revealed its preferred profit measure – underlying replacement cost profit – surged by around 78% to 5.7 billion US dollars (£4.2 billion) for the second quarter of 2026, compared with the previous three months.
The sharp jump in profits, which surpassed analyst predictions, came as its refining and trading business benefited from rising prices during the Iran war.
Rivals including Shell and ExxonMobil have also reported stronger profits after the boost linked to the conflict.
It comes after BP announced it was putting its North Sea business up for sale after 60 years.
Environmental campaigners accused BP of “profiteering” from the climate crisis and the US-Iran conflict.
Robert Palmer, deputy director of Uplift, said: “BP is the latest oil and gas company to announce massive profits whilst UK billpayers despair over sky high prices.
“It prioritises paying shareholders over looking after workers and ordinary people whilst reaping a ‘war bonus’ because of the Iran conflict.
“The war isn't only a humanitarian disaster but an economic one for ordinary people, who have ended up paying the price of a ‘Trump Tax’ as the cost of energy rises.
“Today's profits announcement shows again that oil companies make decisions first and foremost based on the interests of their shareholders.
“That’s why BP put its North Sea operation up for sale last week. With around 93% of the ageing basin’s recoverable reserves already extracted, the company has logically decided there’s more money to be made elsewhere.”
Palmer added that given “how little is left” in the North Sea, politicians should not “pretend” oil and gas is a path to secure jobs and economic growth.
“To do so is a denial of these facts and a betrayal of workers,” he added.
Friends of the Earth’s head of campaigns Rosie Downes added: “Clearly not everyone is feeling the pain of the energy crisis.
“While BP banks another round of enormous profits, millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control with increasingly severe heatwaves, wildfires and droughts.”
Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “The price shock profiteers have banked more billions from a crisis that has created real hardship for millions of households.”
Last week, BP bosses said it was seeking to improve cost efficiencies in order to boost profitability, following the announcement of the sale of its North Sea business.
BP chief executive Meg O’Neill said: “We are not making the most of our potential.
“Our performance over the past few years has not met our own expectations, let alone those of our shareholders.
“We have not delivered consistently, we have written off too much value, and our costs and liabilities are not resilient enough in a low price environment.
“We know what we need to do, we are taking urgent action and I am confident that this is how we will grow long-term value for shareholders.”
