BP reported a significant surge in profits for the third quarter of 2026, reaching levels not seen since 2008, as the ongoing conflict in the Middle East drove up oil and gas prices. The British energy company posted underlying replacement cost profits of approximately £6.3 billion ($8.46 billion), nearly quadrupling the £1.6 billion earned in the same period last year. This increase marked an 18-year high for the firm, with shares rising 43% so far this year.

BP’s chief executive, Meg O’Neill, who assumed leadership in April, attributed the strong performance to robust refining margins and high operational capacity amid the geopolitical disruption. She noted that BP’s refineries have been operating near full capacity to maintain the flow of oil supplies, as instability around the vital Strait of Hormuz shipping route has affected global energy markets. O’Neill also highlighted the company’s ongoing restructuring effort, which includes simplifying its business into two main divisions—oil and gas production and refining and sales—and plans to sell off certain assets such as the North Sea operations and the US biogas business. Additionally, the company has used part of its increased earnings to reduce debt, lowering its net liabilities to about £10.4 billion.

While BP’s oil and gas segments delivered strong results, the company disclosed a £2.9 billion write-down in its green energy division, continuing challenges in its lower-carbon business that led to a strategic shift back towards fossil fuel operations. O’Neill acknowledged that current elevated prices are driven by market volatility related to the Middle East conflict and may not persist in the long term.

The profit boom has sparked criticism from environmental and social campaigners who describe the earnings as "obscene" given the broader economic and climate context. Groups such as Global Witness and Friends of the Earth have decried BP and other major oil companies for benefiting from the turmoil caused by the Iran war while ordinary consumers face rising fuel and energy costs amid a cost-of-living crisis. Motorists in the UK, for example, have experienced significant increases in diesel and petrol prices over recent months.

Critics also urge governments to impose higher taxes on the oil and gas sector and redirect revenues toward accelerating the transition to renewable energy. The debate comes ahead of the UN climate summit in Antalya, where tensions over fossil fuel dependence are expected to be a major point of contention.

Meanwhile, UK authorities are considering new oil and gas exploration projects in the North Sea, including the Rosebank oilfield, signaling ongoing reliance on fossil fuel production despite environmental concerns. The energy market remains closely watched as geopolitical and climate-related pressures continue to shape global supply and demand dynamics.