Ahead of posting its full January-March earnings later this month, BP said the performance was a marked reversal from “weak” oil trading in the final three months of 2025.

Oil prices have soared since the start of the US-Iran conflict on Feb 28, often swinging violently in response to the war’s latest headlines.

Crude futures, which peaked at almost US$120 a barrel during the war from around US$72 on the conflict’s eve, were trading at close to US$100 a barrel on Tuesday.

Prices fluctuated as traders reacted to heavy fighting that has halted oil supplies, as well as a temporary ceasefire agreed between the United States and Iran that preceded failed peace talks.

The Strait of Hormuz, through which one-fifth of the world’s crude passes, has been closed to almost all traffic.

BP said that the average price of Brent North Sea crude, the international benchmark, averaged US$81.13 a barrel in the first quarter, up from US$63.73 a barrel in the fourth quarter of last year.

Its British rival Shell said last week that its first-quarter earnings were set for a “significant” boost from the oil price movements.