BP flags exceptional trading results

Energy giant BP expects to post 'exceptional' first-quarter results from its oil trading desk, benefiting from the extreme price volatility triggered by the Iran war.

The windfall comes despite flat production levels and is expected to significantly impact the company's financial performance.

Analysts have upgraded profit forecasts for the firm, even as ordinary households face soaring energy bills.

BP's new CEO, Meg O'Neill, also announced plans to simplify the company's structure into two main business units to improve efficiency.

The results highlight how major oil companies are navigating the global energy crisis while facing pressure to address rising costs for consumers.