BP reported an exceptional first quarter for its oil trading operations as the Iran war sent crude prices soaring from under $60 to above $98 per barrel. The FTSE 100 energy giant said trading results would significantly outperform the weak final quarter of 2025, with Brent crude reaching $118 at the conflict's peak as traders worried about attacks on Gulf infrastructure.

BP's oil trading profits benefit from each $1 rise in crude prices, which boosted its pre-tax operating profit by $340 million. The company's share price has climbed about 32 percent this year, reflecting investor confidence in its trading operations. BP also increased its working capital to manage market turbulence, expecting net debt to rise by $3 billion to $5 billion in the first quarter.

Shell similarly reported a significant boost to its trading business, increasing working capital to between $10 billion and $15 billion. While BP's oil and gas production remained flat and gas trading results were average, the trading division's exceptional performance highlights how geopolitical conflicts can create windfall profits for major energy companies with robust trading operations.