https://morningstaronline.co.uk/article/bp-sees-exceptional-results-result-war-driven-oil-market-shock

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The price of oil has surged as a result of the US-Israel war on Iran, up 60 per cent since it started on February 28.

BP said Brent crude prices averaged $81.13 (£60) a barrel over the first quarter as a whole, up from $63.73 (£47) a barrel in the previous three months.

The oil giant said that for every dollar increase in the price per barrel of oil results in a $340 million (£250m) rise in pre-tax operating profits.

Uplift deputy director Robert Palmer told the Star: “While millions of people are worrying over their energy bills, oil companies like BP are raking in billions of profits.

“It’s clear that the UK’s dependence on fossil fuels is making all of us poorer – all except for the oil and gas bosses and their shareholders who once again will cash in at our expense.

“The only way to insulate ourselves from energy shocks and protect the climate is to ramp up on renewables, and upgrade homes with solar power, batteries and heat pumps. We also need to support those who need it most with financial help.”

Original article at https://morningstaronline.co.uk/article/bp-sees-exceptional-results-result-war-driven-oil-market-shock

dizzy: It’s worth reflecting on whether the overarching intention is to inflate oil prices: Trump is hugely financially supported by the oil companies of course, they financed his second successful election campaign. The oil price is kept high and the Trump administration make some extremely dubious and unsubstantiated announcements to prevent it getting much above a hundred dollars a barrel. There’s the lies that Trump & Co are imposing a blockade on Iran or that there are negotiations going to happen soon for example. Unsubstantiated and extremely likely untrue but it appears adequate for oil traders to play along.