British energy company BP reported first-quarter profit that exceeded expectations, with the results attributed to a surge in oil and gas prices linked to the Middle East conflict.
The firm's underlying replacement cost profit, a commonly used proxy for net profit, reached $3.2 billion for the period, surpassing market forecasts.
The profit beat comes amid heightened volatility in energy markets, with prices rising due to concerns over supply disruptions.
The broader energy sector has seen increased activity as investors factor in the potential for prolonged geopolitical instability to impact global fuel flows.
The results follow a shareholder revolt at BP's annual general meeting, where investors expressed dissatisfaction with the company's strategic direction.
The conflict in the Middle East has intensified pressure on energy firms to navigate both operational and reputational risks in a rapidly shifting landscape.