"BP Posts Record-Breaking Quarterly Profits as Middle East Crisis Drives Energy Prices Soar. In a stark illustration of the devastating impact of global conflicts on the global economy, British energy giant BP has announced its highest quarterly profits since the onset of the Russia-Ukraine war. With earnings more than doubling to a staggering $5.73 billion, the oil company's latest figures are a direct result of the ongoing crisis in the Middle East, which has severely disrupted energy exports from the Gulf. As the global demand for oil and gas continues to rise, BP's profits are set to continue soaring, raising questions about the company's role in the global energy market and the sustainability of its business model in the face of ongoing global instability."
Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on recordBusiness live – latest updatesBP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis.The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three months to the end of June, up $2.5bn from the quarter before, as the ongoing conflict in the Middle East continued to disrupt energy exports from the Gulf. Continue reading...
