BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis

BP has revealed profits nearly quadrupled in the third quarter as it became the latest oil giant criticised for raking in “obscene” profits on soaring crude prices caused by the Iran war.

The FTSE 100 firm said underlying replacement cost profits – its preferred measure of earnings – jumped to 8.46 billion US dollars (£6.31 billion) in the three months to September 30, up from 2.21 billion dollars (£1.65 billion) a year ago.

Its earnings haul was far better than forecast and comes after fellow oil major Shell on Thursday reported quarterly profits of 10.81 billion dollars (£8.06 billion).

BP chief executive Meg O’Neill said the firm’s refineries have been “running close to capacity” to help keep oil supplies flowing as the Middle East conflict has caused massive disruption to energy and fuel markets worldwide, with the vital Strait of Hormuz shipping route remaining closed.

But campaigners criticised oil companies for cashing in on the crisis as households face another painful winter of sky-high energy costs.

Campaign group Global Witness claims BP’s bumper profits take the total from Europe’s six biggest oil firms to 89 billion dollars (£66.4 billion) so far in 2026.

Jonathan Noronha-Gant from Global Witness said: “It is obscene that polluters are continuing to cash in on the fallout of the war in Iran, making more bumper profits from spiralling oil prices while innocent civilians suffer.

“These massive profits come as ordinary people across Europe are struggling with the rising cost of living, with many struggling to afford to heat their homes as winter arrives.

“Oil giants can and should pay much more for the damage they are doing to our planet.”

Calls are mounting for taxes on the sector to be increased, with no change to the levies paid by oil and gas firms announced in the Chancellor’s budget on Wednesday.