BP profit doubles as US gas prices hit highest levels since Iran war began

Petroleum giant BP has earned more than double its profit since the conflict with Iran began two months ago, far exceeding last year’s total. 

The company posted their first earnings report since the war began. They are the first of the major oil companies to post their quarterly financial performance, the Associated Press reported. The update is likely a snapshot of what we can expect from Exxon Mobil, Chevron and ConocoPhillips later this week. 

By the numbers:

On Tuesday, BP reported they had earned $3.84 billion, or $1.47 per share. That is compared to last year, where the company earned $687 million, or 26 cents per share. 

Additionally, BP shares came close to a 52-week high, rising over 1%. 

RELATED: BP reports $5 billion quarterly profit on strong oil, gas trading

The backstory:

The "closure" of the Strait of Hormuz remains a focal point in the war with Iran. Nearly 20% of the world’s oil passes through the strait every day, but the passage of oil tankers has been few and far between for two months. 

RELATED: Record number of Americans say their financial outlook is ‘getting worse’

What they're saying:

"These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay," wrote Simon Francis, coordinator with End Fuel Poverty Coalition.

"Families are being pushed to the brink by spiraling energy bills, while fossil fuel companies turn a war into a windfall," wrote 350.org’s campaign director Clémence Dubois.

RELATED: BP reports profits doubled to $27.7 billion

'not just unjust, it’s unacceptable'

The other side:

As oil companies are posting record highs, gas prices are at their highest point since 2022. The price for Brent crude has risen over $30 since the day the U.S. and Israel launched strikes on Iran. 

As of Wednesday, the average price of gas is now at $4.23, according to AAA.