BP’s profits more than doubled at the war in Iran pushed gas prices to new multiyear highs

BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher.

On the same day that the British energy giant reported a banner financial performance, gasoline prices in the U.S. hit new multiyear highs, a point of increasing agitation for travelers, households and also businesses that are particularly sensitive to higher energy prices, such as airlines.

The near closure of the Strait of Hormuz off the coast of Iran is a flashpoint in the war and the source of much of the economic pain being felt globally. The Trump administration appeared unlikely Tuesday to accept Iran’s offer to end the war and reopen the strait if the U.S. lifts its blockade on the country.

About 20% of the world’s oil passes through the strait on a typical day, but the passage has been choked off since the war began in late February. The price for a barrel of Brent crude that cost about $73 on the day before the U.S. and Israel launched strikes on Iran, was trading for more than $104 Tuesday.

Given........

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