BP's latest profits clearly demonstrate that the volatility triggered by conflict in the Middle East has been exceptionally good for the energy industry.

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These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay. That is not a coincidence, it is a consequence of the way our energy system is structured.

An examination of company accounts shows that energy firms posted over £23.1 billion in profit from UK operations in 2025, before a single penny of profit from the Iran conflict windfall had been counted.

BP's first-quarter results mark the moment when those war windfalls begin appearing on balance sheets. They will not be the last. According to the Common Wealth think tank, around a........

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