The Aporia
The Aporia
Williams, H. (2026, October 30). BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis. Evening Standard. https://www.standard.co.uk/business/business-news/iran-middle-east-shell-strait-of-hormuz-b1302907.html
Williams, Holly. “BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis.” Evening Standard, 30 Oct. 2026, https://www.standard.co.uk/business/business-news/iran-middle-east-shell-strait-of-hormuz-b1302907.html.
Williams, Holly. “BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis.” Evening Standard, October 30, 2026. https://www.standard.co.uk/business/business-news/iran-middle-east-shell-strait-of-hormuz-b1302907.html.
Dated from the outlet's own feed. Check the original for its byline.
BP reported a significant increase in quarterly profits to $8.46 billion (£6.31 billion) for the period ending September 30, up from $2.21 billion (£1.65 billion) a year ago. This surge is attributed largely to higher oil refining margins and trading results due to ongoing disruptions caused by conflicts in the Middle East, particularly around the closure of the vital Strait of Hormuz shipping route. BP's CEO Meg O’Neill highlighted that refineries have been operating at near capacity to mitigate supply issues, despite the volatile global energy market.
However, environmental groups like Global Witness and Friends of the Earth criticized oil companies for benefiting from soaring prices amid household struggles with high energy costs during winter. Global Witness noted that BP’s profits contribute to a total of $89 billion (£66.4 billion) in earnings for Europe's six largest oil firms so far in 2026, describing it as "obscene" given the humanitarian impact of the conflict.
