BP says oil trading result is ‘exceptional’ as prices soared amid Middle East war

[LONDON] BP said its oil traders boosted first-quarter earnings, as the Middle East conflict jolted energy markets.

The energy giant’s oil-trading result for the quarter is expected to be “exceptional”, it said in a trading update on Tuesday (Apr 14), before earnings later in April.  

The report is BP’s first guidance since CEO Meg O’Neill took over on Apr 1 with a mission to make the company leaner, focus on oil and petrol production growth, and divest low-return clean energy assets.

She replaced Murray Auchincloss. The former CEO was ousted in 2025 by new chairman Albert Manifold, who said that changes were not happening fast enough.

The war in the Middle East has sent oil, petrol and fuel prices surging, as shipping through the crucial Strait of Hormuz came to a near halt and Iran targeted key energy infrastructure around the Persian Gulf in retaliation for US-Israeli attacks.

Brent crude is up more than 60 per cent in 2026.

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BP’s asset exposure in the Middle East – primarily through joint ventures in Iraq and the United Arab Emirates – is lower than that of its peers.

Net debt is expected to rise to a range of US$25 billion to US$27 billion, excluding lease obligations, BP said. This is an increase from US$22 billion at the end of 2025.

The company added that the rise is driven primarily by a significant working capital build in the range of US$4 billion to US$7 billion, largely due to the higher-price environment. BLOOMBERG