British energy giant bp's profit climbed 128.6% year-on-year to $3.2 billion in the first quarter, up from about $1.4 billion, driven by higher oil prices, according to a company statement released Tuesday.
The figure exceeded analyst expectations and was also higher than the $1.5 billion profit reported in the previous quarter.
The increase was mainly driven by rising oil prices following disruptions in the Strait of Hormuz, which was effectively closed after US and Israeli attacks on Iran.
Brent crude, which traded at around $70 per barrel before the attacks, rose by about 49% by the ninth week of the conflict, while US benchmark West Texas Intermediate (WTI) gained around 41.8% over the same period.
As of 12.12 p.m. local time (0912 GMT), Brent crude increased by about 2.5% to $104.29 per barrel compared to the previous close, while WTI traded at $99.28 per barrel.
Meanwhile, upstream plant reliability rose to 95.7% in the first quarter, while production remained broadly flat.
bp CEO Meg O'Neill said the company is operating in a period of heightened conflict and uncertainty.
O'Neill noted that strong plant reliability and refining availability, along with increased production in the Gulf of America and at bpx Energy, helped keep overall output stable despite ongoing disruptions.
She also highlighted progress in sustainability, stating that bp reduced its operational emissions by 37% last year compared to 2019 levels.
By Duygu Alhan
Anadolu Agency
