BP hails 'exceptional' quarter for oil trading as Iran sends prices soaring
BP expects an ‘exceptional’ first quarter for oil trading after the Middle East conflict sent brent crude prices soaring.The oil giant said the war and its impact on market conditions had resulted in ‘heightened volatility’ across the business, which is ‘expected to impact financial results’.In a trading update, the FTSE 100 firm said its oil trading desk was expected to return ‘exceptional’ results in the first three months of the year, compared with a ‘weak’ previous quarter.The price of brent has risen from below $60 a barrel at the start of 2026 to around $98 this morning, having hit as high as $118 amid the conflict.BP said brent averaged $81.13 a barrel in the first quarter, compared to $63.73 in the fourth quarter of 2025.It said refining margins rose, helping to boost results in its refined products business by $100million to $200million, too. BP expects an 'exceptional' first quarter after the Middle East conflict sent prices soaring BP also said it expects net debt to rise to between $25billion and $27 billion, from just over $22billion in the previous quarter, because of movements in working capital, which measures short-term liquidity based on current assets minus liabilities.Oil and gas production was broadly flat, while results in its gas trading division had been average due to price lags.Shares in BP were down as much as 1.35 per cent as brent prices slipped to $97 a barrel amid market expectations of an end to the conflict.Last week, Shell also said it expected a significant boost to its trading business from the war.The energy giant said trading in its chemical and products business, which includes oil trading, is expected to be ‘significantly higher’ in the first quarter. Meanwhile, its marketing division – which includes its network of petrol stations – will report stronger figures than the same quarter in 2025.However, Shell slashed its gas production for the first quarter after being affected by the conflict in the Middle East.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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BP hails 'exceptional' quarter for oil trading as Iran sends prices soaring
