BP profits jump as Middle East conflict drives up oil refining margins

Third-quarter underlying ​replacement ⁠cost profit rises to $8.46bn, up from $2.2bn ​a year ​ago

BP has posted a jump in its quarterly profits as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.

The energy company said on ⁠Friday ⁠that third-quarter underlying ​replacement ⁠cost profit – a key measure of its income – rose to $8.46bn, up from $2.2bn ​a year ​ago. Analysts had expected profits of $7.33bn.