BP has cut its net debt by up to 13 per cent after the Iran war lifted oil and refined‑product prices. The FTSE 100 company said net debt at end‑June is expected at $22bn to $23bn, down from $25.3bn in Q1. It also redeemed €2.5bn of hybrid bonds and settled $1.1bn of Macondo liabilities.

Production slipped to about 2.2 mn barrels of oil equivalent per day from 2.3 mn, hit by seasonal maintenance and US‑Iran war disruption. US Henry Hub gas prices fell, yet revenues rose across all sectors on price lags, higher refining margins, higher oil prices and steady trading. Gas marketing and trading were “broadly flat”; oil trading “slightly higher” versus Q1.

Shares rose 2.9 % in London as Brent climbed 3 % to near $86 a barrel, up roughly a fifth since last week but still well below the wartime peak of $126 per barrel. Q2 results are due August 4, the first since chair Albert Manifold was fired over bullying claims and former CEO Bernard Looney left in 2023. New CEO Meg O’Neill stressed “fewer, better choices” and tighter investment discipline.