BP reports ‘horrifying’ jump in profits as Iran war boosts oil trading; Brent crude hits three-week high – business live

BP profits double in first quarter of 2026 as Iran conflict drives oil surge, while housebuilders warn of rising costs. | Contesto: cronaca

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• BP reports ‘horrifying’ jump in profits as Iran war boosts oil trading; Brent crude hits three-week high – business live

Contesto

BP has reported a sharp doubling of its first-quarter profits for 2026, a surge campaigners described as 'horrifying' and directly linked to the ongoing war in Iran that has driven oil prices to a three-week high. The energy giant’s earnings leap comes as Brent crude reached new peaks, benefiting oil producers while imposing fresh financial strain on other sectors of the economy. The conflict in Iran, which has disrupted global oil supplies and heightened market volatility, has created a windfall for major energy companies. BP’s profit figures, released this morning, underscore how geopolitical turmoil can translate into massive gains for the fossil fuel industry. Critics argue that such profits are made at the expense of broader economic stability and conflict-driven human suffering. While the news is favorable for oil and gas producers, it presents a significant challenge for businesses reliant on stable energy costs. Housebuilder Taylor Wimpey, in a statement to shareholders, highlighted the cascading effects of rising energy prices on its operations. The company reported that build cost inflation is now expected to be in the low to mid single digits for 2026, with cost pressures and surcharges beginning to emerge from its supply chain. The implications extend beyond the construction sector. Higher energy prices typically translate into increased costs for transportation, manufacturing, and consumer goods, potentially fueling broader inflationary trends. Economists will be watching closely to see if the Bank of England or other central banks adjust monetary policy in response to these pressures, which could affect interest rates and borrowing costs for households and businesses alike. Analysts note that the current situation mirrors past conflicts that have led to energy price spikes, but the duration and intensity of the Iran war remain uncertain. If the conflict persists, sustained high oil prices could further strain global economic recovery, particularly in import-dependent nations. Conversely, any de-escalation might quickly reverse the profit trends for energy companies but would bring relief to other industries. The juxtaposition of BP’s soaring...

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Categoria: cronaca