BP sees 'exceptional' oil-trading result as prices spike
By Nora Redmond
The British oil company expects significantly better performance in oil trading this quarter compared with the previous one
BP said it saw "weak" performance in its oil trading function in the fourth quarter of 2025.
BP expects an "exceptional" oil-trading result in the first quarter as the war in Iran continues to upend global supplies.
One of the U.K.'s largest oil companies said the "weak" trading it saw in the final quarter of last year was predicted to become "exceptional" in the first three months of 2026 amid heightened volatility in the oil market as the future direction of the Iran conflict remains uncertain.
Shares in the London-listed BP (UK:BP) have shed 0.8% since the release of the statement.
BP reports its first-quarter results on April 28.
Brent crude (BRN00), the international benchmark, has jumped by 35% since the U.S. and Israel first started launching strikes at Iran. At its highest point, it soared to over $112 a barrel, wreaking havoc on fuel prices worldwide. West Texas Intermediate (CL.1), the U.S. benchmark, is up close to 50% since the beginning of the conflict.
As the effective closure of the Strait of Hormuz has curtailed oil exports, the average cost of gasoline for drivers has surged, with U.S. gas prices reaching $4.118 a gallon - some of the highest levels since 2022.
Oil giants are expected to reap major windfalls from the war as oil prices are likely to continue soaring as long as the two sides are unable to agree to a truce.
BP noted in its statement that Brent crude averaged $81.13 a barrel in the first quarter compared with $63.73 in the previous quarter.
On Tuesday morning, Brent crude was trading at about $98 a barrel on hopes that delegations from the U.S. and Iran will reconvene in Islamabad, Pakistan, as soon as this week to negotiate a deal.
The group also said they predict net debt to be in the range of $25 to $27 billion for the quarter, up from $22.2 billion in the previous quarter because of the need for more working capital amid volatile pricing.
-Nora Redmond
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04-14-26 0845ET
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