Oil profits spike as Middle East war fuels energy prices and Trump blasts soaring earnings – business live

BP reported second-quarter profits of $5.73bn, more than doubling the previous year's figures and exceeding analyst expectations. This surge is attributed to rising oil and gas prices triggered by the Middle East crisis and disrupted energy exports from the Gulf. These results mark BP's highest quarterly profits since the first year of Russia's war on Ukraine. Meanwhile, Trump criticised the windfall earnings of BP, Chevron, and ExxonMobil, demanding retail price cuts for the public.