BP's Record Profit: A Symptom of a Broader Crisis BP announced a record breaking $5. 73 billion profit for the April to June quarter, more than double its earnings from the same period last year.
This windfall is not unique to BP; rival Shell also reported significant quarterly profits just last week.
The Iran war has disrupted global supplies of oil and gas through the Strait of Hormuz, causing crude oil prices to jump to over $103 per barrel.