A sign for British oil and gasoline company BP (British Petroleum) in Warsaw, Poland, on July 29, 2024.
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blood pressureThe energy giant said Tuesday that its oil trading desk posted “unusual” results in the first quarter, thanks to the highest oil prices since the start of the Iran war in late February.
The trading report was released ahead of official results due later this month and comes after rival Shell issued a similar update last week.
But BP also told investors that net debt at the end of the first quarter is expected to be in the range of $25 billion to $27 billion, up from $22.2 billion in the fourth quarter, due to the need to increase working capital amid a more volatile price environment.
BP’s first quarter results are scheduled to be released on April 28th.
Oil majors such as BP and its peers are expected to see big gains from the U.S.-Iran war, which has disrupted global supply and sent oil and gas prices soaring. Commenting on recent trading conditions, BP noted that the average price of Brent crude oil was $81.13 per barrel in the first quarter of 2026, compared to $63.73 per barrel in the fourth quarter of 2025.
As of Tuesday, U.S. crude oil futures for May delivery were trading near $97 per barrel, while international benchmark Brent crude oil for June delivery was trading near $98.6 per barrel.
Global markets are clinging to hopes that peace talks between the United States and Iran can resume after US President Donald Trump said on Monday that Iran “very much wants a deal.”
Separately, U.S. Vice President J.D. Vance said Monday that the next steps in U.S.-Iranian peace efforts rest with Tehran after talks over the weekend failed to yield a breakthrough.
Reuters reported on Tuesday morning that talks could resume in Islamabad as early as this week, according to sources.
The United States announced on Monday that it would block all ships attempting to enter or exit Iranian ports and began blocking oil passages in the Strait of Hormuz.
President Trump was asked on Monday whether the purpose of the blockade was to force Iran to reopen the Strait of Hormuz or to bring it to the negotiating table. The president replied, “Both, and certainly more.”
