Benchmark oil prices have soared since early March as attacks led to the effective closure of the Strait of Hormuz, through which about a fifth of the world’s oil and liquified natural gas (LNG) flowed.
BP has been a big beneficiary; its results for the first three months of its financial year show its underlying profits hit $3.198bn (£2.366bn).
It’s even better than the doubling to $2.7bn (£1.99bn) expected by investors.
A year earlier, that had been $1.381bn (£1.021bn).
Fossil fuel producers are still subject to a windfall tax – a levy imposed in the wake of Russia’s invasion of Ukraine, after which some companies had record profits.
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