BP posts $8.5 billion profit as energy prices surge

LONDON — British energy giant BP reported an $8.5 billion quarterly profit, its highest in 18 years and nearly four times the amount earned a year earlier. The extraordinary earnings follow soaring oil and gas prices caused by the war against Iran, which began in February. Disruptions to Middle Eastern supplies and damaged refineries have increased profits for energy companies still operating refining facilities.

Shell also reported quarterly profits exceeding $12 billion, while TotalEnergies earned more than $9 billion. European natural gas prices have jumped from below €30 to over €102 per megawatt-hour.

The massive profits have renewed political discussions in the Netherlands and elsewhere about imposing additional taxes on extraordinary oil and gas company earnings.