BP doubles profits on day 60 of Iran War | BBC News
On day 60 of the US-Israel war with Iran, BP reported doubled profits of £2.4 billion driven by war-related oil price surges, prompting windfall tax debates. President Trump claimed Iran told the US it is in a state of collapse and wants the Strait of Hormuz reopened. Meanwhile, Lebanon faces continued ceasefire violations, and reporting from Tehran reveals civilian suffering and deep public division over the ongoing conflict.
Summary
This BBC News daily briefing covers major developments on day 60 of the US-Israel war with Iran, presented by Marian Masheri.
The lead story focuses on BP's dramatic profit surge. The energy giant reported £2.4 billion ($3.2 billion) in profits for the first quarter of the year — double the same period last year and well above analyst expectations. Business correspondent Ben King clarifies that the profits were not solely from rising oil prices, but significantly driven by BP's trading division, which benefited from extreme oil price volatility. Refining margins also improved. King notes that upstream oil production profits remain flat this quarter due to a time lag, but may rise next quarter. The results have reignited calls for a windfall tax, though BP's incoming CEO Megan O'Neal opposes the measure. The UK chancellor noted an existing windfall tax — introduced after the Ukraine invasion — is already in effect for domestic oil production.
Prime Minister Keir Starmer has urged the public not to panic over rising food and fuel prices. He chaired the newly formed Middle East Response Committee, which includes senior ministers, Bank of England officials, and department heads from energy, transport, and health. Starmer acknowledged the real economic impact of the war and stated that reopening the Strait of Hormuz is the key solution, though he warned disruptions would persist even after the strait reopens.
President Trump posted on Truth Social claiming Iran informed the US it is 'in a state of collapse' and wants the Strait of Hormuz reopened. Trump offered no evidence for the claim. Separately, a $500 million Russian superyacht linked to sanctioned billionaire Alexi Mashov sailed through the Strait of Hormuz from Dubai to Muscat, one of the few private vessels to do so amid the blockade. Iran's UN ambassador defended Iran's actions in the strait as lawful under international maritime law.
In Lebanon, the Israeli military issued new evacuation orders for southern Lebanese towns despite an existing ceasefire. Israel's foreign minister stated Israel has no territorial ambitions in Lebanon and that its presence serves only to protect Israeli citizens. However, BBC Middle East correspondent Lena Jab reports from Beirut that Israel controls approximately five to six kilometers of the border, has demolished border villages, and the ongoing tit-for-tat escalations between Israel and Hezbollah are holding Lebanon hostage with no clear resolution in sight.
Finally, BBC chief international correspondent Lyse Doucet reports from Tehran under restrictions preventing use of her material on BBC's Persian service. She found nightly pro-government rallies in Tehran's squares, with some citizens expressing support for continuing the war until the US and Israel are defeated. However, off camera, others spoke of economic hardship — rising prices and job losses — and some expressed hope that war could bring regime change. Doucet also visited the city of Karaj, where a residential neighborhood was struck by missiles, killing 17 people including an entire family of eight. At a local cemetery, civilian graves outnumber those of military personnel, underscoring the human cost of the conflict.
Key Insights
- Ben King explains that BP's doubled profits were largely driven not by oil production but by its trading division exploiting rapid oil price volatility, and by improved refining margins — with actual upstream production profits remaining flat this quarter due to a time lag.
- Prime Minister Starmer warned that even if the Strait of Hormuz is reopened, the economic disruption caused by the conflict will continue afterward, suggesting price relief will not be immediate.
- President Trump claimed on Truth Social that Iran has informed the US it is 'in a state of collapse' and wants the US to reopen the Strait of Hormuz, but offered no supporting evidence for the assertion.
- BBC correspondent Lyse Doucet reports from Tehran that off-camera Iranians expressed the view that war would be preferable to the current situation, with some explicitly hoping war could lead to regime change.
- Reporting from Karaj, Iran, Doucet documents a residential neighborhood where 17 civilians were killed by missile strikes, including a family of eight, with a surviving relative challenging the notion of any military justification in the area.
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