Business Personality of the Year Award: Sri Prakash Lohia

• BP’s profit rose to £2.4bn ($3.2bn), beating expectations
• Oil prices climbed above $100 amid war-driven supply fears
• Trading gains and volatility played a key role in earnings

British Petroleum's (BP) latest earnings have landed at a time when oil prices, war tensions and household energy costs are all moving in the same upward direction. The oil major reported profits of £2.4bn ($3.2bn) for the first quarter, more than double what it made a year earlier, as crude prices surged during the Iran conflict.

The timing of these results is likely to add to the discomfort. In the UK, gas and electricity bills are currently capped, with the typical annual dual-fuel bill set at £1,641 until June 30. However, with wholesale oil and gas prices rising since the Iran conflict began, the cap is now expected to increase by around £200 when it is revised in July. Energy firms are already subject to a windfall tax introduced in 2022 after profits surged during Russia’s invasion of Ukraine, but the levy applies only to profits from UK extraction. BP has said its UK operations account for less than 10 per cent of its global earnings, meaning most of its profits fall outside the scope of the tax.