LONDON, Aug 4, 2026 (BSS/AFP) - British energy giant BP on Tuesday posted soaring net profit for the second quarter as the Middle East war sent oil and gas prices surging compared to one year earlier.

Profit after tax jumped to $3.91 billion in the April-June period from $1.62 billion in the second quarter of 2025, BP said in an earnings statement.

The latest reporting period "has been marked by one of the most disrupted periods in the global energy market", said BP chief executive Meg O'Neill, CEO since April.

Energy majors around the globe are enjoying soaring profits also from their trades as oil and gas futures swing between big gains and losses on the latest headlines linked to the US-Iran war.

BP's total revenue increased 47 percent to $70 billion in the second quarter from a year earlier as the conflict disrupted global supplies of fossil fuels.

The earnings update comes after BP on Friday launched moves to sell its North Sea business, as Britain's new Prime Minister Andy Burnham faces pressure to ease drilling restrictions in the area.

BP, whose performance has generally fallen behind that of its rivals in recent years, had slashed clean energy investment ahead of O'Neill's appointment as the group pivots back to its more profitable oil and gas business.

"We are not making the most of our potential," the American said in BP's earnings statement.

"Our performance over the past few years has not met our own expectations, let alone those of our shareholders."