BP first-quarter profits reached $3.2 billion. This figure more than doubled the $1.38 billion reported during the same period last year.
Exceptional oil trading performance drove the surge amid market volatility from the Iran conflict. These results exceeded analyst expectations and highlight how major energy firms benefit from the supply crisis.
BP shares gained 3% during Tuesday trading. Brent crude, the international benchmark, rose above $111 a barrel. This price represents a three-week high.
Campaigners responded by renewing calls for tougher windfall taxes on fossil fuel companies.