BP profits jump as Middle East conflict drives up oil refining margins

Third-quarter underlying replacement ⁠cost profit rises to $8.46bn, up from $2.2bn a year ago

BP has posted a jump in its quarterly profits as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company said on ⁠Friday ⁠that third-quarter underlying replacement ⁠cost profit – a key measure of its income – rose to $8.46bn, up from $2.2bn a year ago. Analysts had expected profits of $7.33bn.

The company said the jump in profits “mainly reflects significantly higher realised refining margins and significantly higher gas and marketing trading result”.

BP’s quarterly earnings were bolstered by higher profits from the oil refining business.