BP's profits for the first three months of the year have more than doubled following a surge in oil prices since the beginning of the Iran war.

In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an "exceptional" performance in its oil trading business.

The figure was higher than analysts had expected and far ahead of income in the same period last year which reached $1.38bn.

The oil price has seen sharp swings since the start of the US-Israel war with Iran as the key Strait of Hormuz – which usually carries about 20% of the global supplies of oil and liquid natural gas – has been effectively closed.

Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel.

Since then, oil has risen to nearly $120 at one point, but it has also fallen below $100 as speculation has swirled over when the Strait of Hormuz will reopen. Brent currently stands at about $110 a barrel.

This volatility widens the gap between buying and selling prices, which typically enables traders to make bigger profits.

Profits in BP's customers and products division, which includes its oil trading unit, surged to $2.5bn compared with just $103m a year ago.

Chancellor Rachel Reeves said the performance of energy companies was "exactly why we extended the Energy Profits Levy to make sure that windfall profits could be taxed appropriately".

"BP and other oil and gas companies play a really important part in our energy mix," Reeves told the Commons, but she said it was important that windfall taxes are set "properly".

Energy firms operating in the UK are subject to a windfall tax, called the Energy Profits Levy, that was introduced in 2022 as a response to soaring profits following Russia's full-scale invasion of Ukraine. Labour extended the life of the tax to March 2030.

However, the levy only applies to profits made from extracting oil and gas in the UK, whereas the bulk of energy giants' earnings are made overseas.

The results are the first under BP's new chief executive Meg O'Neill, who took over at the beginning of April when her predecessor, Murray Auchincloss, left after less than two years in the role.

O'Neill said she had joined "at a time when our industry is operating in an environment of conflict and complexity".

She added BP had been "working with customers and governments to get fuel where it's needed, helping minimize disruption".

However, while BP's trading business did well, its upstream production – which includes the search for and extraction of oil and gas – has been flat.

It also expects production between April and June to be lower, partly due to the "effects of disruption in the Middle East".

BP's share price rose 3% on Tuesday, and is up by about 20% since the Iran war began.

Susannah Streeter, chief investment strategist at Wealth Club, said BP's trading division had "clearly thrived in an environment of wild swings, leading to high velocity trading".

However, she noted that BP's production was "not immune to the damage and destruction wreaked on facilities across the Gulf".

Charles Hall, head of research at Peel Hunt, said BP was being cautious about the outcome for the second quarter.

While the strong performance from the trading side was "probably going to last a little bit longer", he said: "There are other things going on and obviously it's a pretty uncertain world at the moment."

Environmental groups were sharply critical of BP's latest results.

Mike Childs, head of science, policy and research at Friends of the Earth, said: "Just as we saw in 2022 following Russia's invasion of Ukraine, fossil fuel giants are quids-in when global instability drastically inflates fuel prices.

"But again, it's ordinary people who pay the price when soaring energy prices threaten to plunge the UK into an even deeper cost of living crisis."

He added the UK needed to reduce its vulnerability to energy price shocks by increasing investment in renewable energy, as well as providing support for energy efficiency measures.

Gas and electricity bills for most UK households are protected for the moment by the energy price cap.

Until 30 June, the typical annual bill for dual-fuel households who pay by direct debit will be £1,641.

However, the jump in wholesale oil and gas prices since the Iran war began means the cap is currently estimated to rise by about £200 when it is revised in July.

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Late-night host Jimmy Kimmel defended his joke in which he called Melania Trump an "expectant widow" just days before a shooting incident at the White House Correspondents' Dinner. The first lady described the sketch as "hateful and violent", and the White House urged ABC to fire the comedian. Kimmel said the joke was a "light roast" about the difference in age between the president and his wife.

Officials say the frozen blocks are being melted due to "dangerous and unsafe activities" after they were set up to promote the singer's album.

A black bear in Albany, New York, climbed a tree in a residential neighbourhood and was tranquillised before falling into a net held by wildlife and law enforcement officials.

Surveillance video shows the suspect starting the exchange with "How are you doing?" and saying "thank you", as he leaves.

BBC's Shaimaa Khalil reports from Los Angeles as singer David Burke pleads not guilty to the murder of 14-year-old Celeste Rivas Hernandez.

"Look at that, wow!" – A couple in Temecula woke up to find a balloon boarded with 13 people behind their home on Saturday.

The dramatic end to the Delaware Marathon occurred when the lead runner slowed in celebration before a trailing marathoner sprinted toward the finish line .

A skydiver crashed into the massive scoreboard at Virginia Tech University's stadium, dangling from a parachute before first responders carried out a rescue without injury.

Prime Minister Mark Carney said that due to Washington changing its trade policies, Canada's economic ties to the US that were once a strength are now a 'weakness'.

A series of strong winds has torn through the midwestern US, ripping roofs off homes and leaving roads obstructed.

The former US president and New York City mayor meet for the first time at a child care centre in the Bronx.

The BBC spent time with the Canadian military in the country's northernmost region – this is what they taught us about dealing with extreme conditions.

The suspect was accused of purse-snatching and has been charged with larceny and providing false information.

Reid Wiseman’s two daughters were in Nasa’s mission control room for the naming of the “Carroll” crater in honour of the commander’s late wife.

The crew held its first press conference since splashing down from their historic 10-day trip.

Popular in local bars across the US, the games are facing higher meat prices, squeezing some of the charities that benefit from them.

The BBC rode along with the Rangers on the last leg of a historic trek as they assert their presence in Canada's far north.

CCTV footage shows a high school principal charging towards a former student who was armed in Oklahoma.

The Canadian prime minister joined the Ottawa Charge team on the rink alongside the Finnish president during his first formal bilateral visit.

President Donald Trump said over the weekend that oil and gas prices "could be the same or maybe a little bit higher" in the coming months.

Hours after posting a lengthy message critiquing the pontiff, the US president shared a Jesus-like image of himself that he has since deleted.

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John Stones won the Champions League with Manchester City in 2022-23

England defender John Stones said he "lived all my dreams out" at Manchester City after confirming he will leave at the end of the season.

Stones, whose contract runs out this summer, has made 293 appearances since joining from Everton for £47.5m in 2016.

He helped City win six Premier League titles, the Champions League, two FA Cups, five League Cups, three Community Shields, the Club World Cup and the Uefa Super Cup.

"It has been my home for the past 10 years and it will be my home for the rest of my life," said an emotional Stones in a social media post.

"It has been a rollercoaster in many ways. I came as a kid and now leaving as a man – becoming a father, a husband and, on the pitch, a very fulfilled player.

"I lived all my dreams out and lifted all the things that I came here to achieve.

"At the start of my career here I never would thought I would be in this position. Firstly, to achieve everything but to have the love, the bond with everyone. Every dream has been smashed out of the park."

Stones was Pep Guardiola's second signing at City, becoming the world's second most expensive defender at the time.

"I don't think it would have been anywhere near as successful without him," said the 31-year-old.

"I'm so grateful that I've been able to spend so long with him, win everything with him. I feel lucky and grateful for what he's done for me."

Injuries made Stones 'think about retirement'

Stones is the latest long-serving player to exit Etihad Stadium.

Kevin de Bruyne, Kyle Walker and Ederson departed last summer and captain Bernardo Silva will leave when his contract expires in June.

Despite his time at the club being hampered by injuries, Stones will go down as a firm fans' favourite, telling the club website that hearing the fans singing his name shows there is a "mutual love between us".

He has scored 19 goals, including a crucial equaliser Arsenal in 2024, and his match-winning goalline clearance against Liverpool during the 2018-19 title race will long be remembered, helping City to 98 points to win the league by one point.

Stones was deployed as a midfielder when City beat Inter Milan in the Champions League final in 2023 to win the Treble.

An elegant, ball-playing centre-back affectionately nicknamed the 'Barnsley Beckenbauer', the early part of Stones' career was blighted by individual errors, but he settled in to playing a major part in City's success under Guardiola.

Silva said this season that Stones is a "special player" and it is "not a coincidence" that the team play better "when John is fit".

Stones played in 73% of games for City during his first season at the club, but that has dropped down to 30% this term because of muscular issues including thigh and calf problems.

He has managed only 16 appearances in all competitions for the club this season, but captained the side into the FA Cup final with victory over Southampton on Sunday.

According to Opta, Stones has missed 737 days and 295 matches through injury or not being selected during his decade at City, with 32 separate issues keeping him out of action.

This season he has featured in only 353 minutes of Premier League action, having played only 545 top-flight minutes last term.

Guardiola said this month: "I cannot judge his performance because he has been a little bit out.

"I don't have doubts with John. When he reaches his level, he is a top central defender.

"I only want [him] fit and, unfortunately, like last season, a lot of the time it is not possible. He is a lovely, incredible team-mate, but we will see what happens."

Starting with Monday's trip to Stones' former side Everton, City face a spell of six games in 21 days as they look to end the season by claiming a domestic treble.

Reports in Spain said this week he is willing to take pay cut to join Barcelona, while former club Everton and Premier League newcomers Coventry have also been linked with a move.

Stones has won 87 caps for England, including three this season.

He was called up by manager Thomas Tuchel for the friendlies in March, but withdrew because of a calf issue.

He started both England's European Championship final defeats – in 2021 and 2024 – with centre-back partner Marc Guehi saying in 2024 that playing with Stones "makes my life so much easier".

Guehi joined City from Crystal Palace for £20m in January, but he and Stones have not played together.

BBC Sport senior football correspondent Sami Mokbel said: "Stones has a good chance of being on the plane but it is dependent on fitness.

"If he is fully fit, he will start the games. He is viewed as one of the vice-captains alongside Declan Rice, so is important to the group.

"But he keeps breaking down this season and that is the main issue. It is something Tuchel is worried about and aware of.

"If he can get a run of games between now and the summer and prove his fitness, he has a chance."

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