BP reports 'exceptional' oil results

BP's oil trading division has delivered a standout performance, capitalizing on the choppy energy markets resulting from the US-Israeli war on Iran.

Despite flat upstream production, the company expects to post earnings far exceeding previous forecasts as traders leveraged supply disruptions in the Persian Gulf.

Analysts have upgraded BP's profit outlook by 20%, even as ordinary households face record-high fuel and energy bills.

The company noted that the current geopolitical environment has led to heightened volatility, which will continue to impact financial results throughout the fiscal year.