BP Profit Jumps as Oil Trading Boomed During Iran War

BP Plc’s posted earnings that far exceeded analyst expectations in the first quarter, as energy market turmoil caused by the Iran war led to a surge in profits from its oil trading operation.

Adjusted net income more than doubled from a year earlier to $3.2 billion, helped by a boost in profits from trading and refining, according to an earnings statement Tuesday. However, net debt increased during the quarter, while analysts pointed to weak cash flow generation as a concern.