BP projects further oil‑trading gains while upstream production falls in the second quarter compared to the first. The U.K. energy major faces turbulence in markets driven by the Iran conflict, prompting a cautious outlook.

The company forecasts a modest rise in Q2 oil‑trading revenue versus the Jan‑Mar period, which delivered an exceptional performance. Upstream output is expected at 2.17 million to 2.22 million barrels of oil equivalent (BOE) per day, down from 2.34 million in Q1, attributed to seasonal maintenance and Middle East disruptions.

This update underscores BP’s trading strength for the second straight quarter, just before renewed fighting in the Middle East triggered a fresh bout of market volatility. The firm remains focused on navigating geopolitical risks while capitalizing on trading opportunities.