BP Q2 profit doubles amid Mideast war

BP reported a more than doubling of second-quarter net profit to $3.91 billion, up from $1.62 billion a year earlier, as the Middle East war, particularly the US-Iran conflict, disrupted global fossil fuel supplies and drove energy prices sharply higher. Total revenue rose 47% to $70 billion. The company also raised its quarterly dividend by 4% and announced plans to divest several assets, including its North Sea business, its Gelsenkirchen refinery in Germany, its retail business in Austria, and its US biogas business Archaea. New CEO Meg O Neill, who took office in April, is steering the company back toward oil and gas after cutting clean energy investment. The company also removed chairman Albert Manifold amid governance concerns and faced shareholder backlash over climate reporting. The five largest Western energy majors collectively earned nearly $47 billion in Q2.