"BP's oil trading result is expected to be exceptional in the first quarter of its financial year, driven by significant market volatility after Tehran's effective closure of the key strait of Hormuz shipping route."
"Brent crude has risen sharply from about $61 a barrel in January, hitting $119.50 several weeks ago, and averaged about $78 a barrel during the January-to-March quarter."
"The International Energy Agency cut its forecasts for global oil demand this year, warning that supply and demand would both be reduced by the conflict in the Middle East."
BP expects significant earnings from its oil trading desk, driven by market volatility linked to the US-Israeli war on Iran. The closure of the strait of Hormuz has impacted energy markets, leading to strengthened refining margins. Analysts have raised profit forecasts for BP, with Citi estimating a 20% increase in adjusted net income. Brent crude prices have surged, averaging $78 a barrel in the first quarter. The International Energy Agency has cut global oil demand forecasts, predicting a decline for the first time since the 2020 pandemic.
Read at www.theguardian.com
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