BP reports 'exceptional' oil trading

While BP's upstream production remained broadly flat, the conflict in the Middle East has created a lucrative environment for its trading desk.

Analysts have upgraded profit forecasts for the firm by 20%, even as ordinary households and businesses struggle with record-high fuel costs.

The company's net debt is expected to rise slightly due to working-capital requirements, but its overall financial position remains robust.

The news has drawn criticism from political leaders who argue that energy firms are profiting from a global crisis while consumers bear the brunt of inflation.