BP Reports 'Exceptional' Trading Profits

The FTSE 100 oil major said the conflict in the Middle East has resulted in heightened volatility across commodity markets, which is expected to significantly impact its financial results.

Analysts have upgraded their profit forecasts for the company by 20%, despite flat overall oil and gas production.

While the trading division has flourished, BP's net debt is expected to rise due to a build-up in working capital.

The company's performance highlights the ongoing disconnect between corporate energy profits and the financial strain facing consumers during the current crisis.