BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher.
On the same day that the British energy giant reported a banner financial performance, gasoline prices in the U.S. hit new multiyear highs, a point of increasing agitation for travelers, households and also businesses that are particularly sensitive to higher energy prices, such as airlines.
The near closure of the Strait of Hormuz off the coast of Iran is a flashpoint in the war and the source of much of the economic pain being felt globally. The Trump administration appeared unlikely Tuesday to accept Iran’s offer to end the war and reopen the strait if the U.S. lifts its blockade on the country.
About 20% of the world’s oil passes through the strait on a typical day, but the passage has been choked off since the war began in late February. The price for a barrel of Brent crude that cost about $73 on the day before the U.S. and Israel launched strikes on Iran, was trading for more than $104 Tuesday.
Given soaring energy costs the stellar performance from BP was anticipated, yet it still exceeded the heightened expectations of industry analysts for both profit and revenue.
It was BP’s first earnings report since the war began and the company is the first of the oil majors to post its financial performance, providing a preview of what to expect when other big drillers like Exxon Mobil, Chevron and ConocoPhillips report earnings later this week.
BP earned $3.84 billion, or $1.47 per share, for the first three months of the year, far exceeding last year’s $687 million, or 26 cents per share, the company said Tuesday. BP's underlying replacement cost profit, which more closely mimics net income reported by U.S. companies, was $3.2 billion. BP has an expansive oil trading operation, so it may outpace other oil giants due to the current volatility in energy markets.
“The Middle East conflict created significant crude and refined products dislocations that BP’s integrated supply chain was positioned to monetize,” wrote James West, managing director and head of Energy and Power Research at Melius.
The London exploration and production company called the performance of its trading desk “exceptional.”
The average price of gasoline in the U.S. hit $4.18 on Tuesday, according to motor club AAA. That is the highest level since 2022, when Ukraine was invaded by Russia, and well over dollar more than a gallon cost one month ago. The war in Iran had been going on for a month at that time, but a gallon still cost less than $4.
Inflation in the U.S. rose sharply last month during largest monthly jump in gas prices in six decades, according to data from the U.S. Department of Labor. The surge in gas prices has squeezed the budgets of lower- and middle-income families, making it more difficult to pay for necessities.
But it’s disrupting businesses as well, particularly those sensitive to higher fuel costs. Airlines worldwide have begun canceling flights as the war in the Middle East strains jet fuel supplies and pushes up ticket prices.
The huge profits from BP generated online vitriol almost immediately.
In addition to posts from individual social media accounts, organizations weighed in as well.
“Families are being pushed to the brink by spiraling energy bills, while fossil fuel companies turn a war into a windfall,” wrote Clémence Dubois, global campaigns director at 350.org. “This is not just unjust, it’s unacceptable.”
Simon Francis, coordinator with End Fuel Poverty Coalition, wrote on Tuesday that, “These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.”
BP shares rose more than 1% Tuesday, close to a 52-week high, as did the shares of other major oil producers.
FILE - A logo of BP at a gas station in London, on Nov. 1, 2022. (AP Photo/Kin Cheung, File)
FILE - A gas price is displayed as a customer holds a fuel pump nozzle before filling up her vehicle's gas tank at a gas station, in Lincolnshire, Ill., Wednesday, April 15, 2026. (AP Photo/Nam Y. Huh, file)
NEW YORK (AP) — Former NBA player and assistant coach Damon Jones has become the first person to plead guilty in a gambling sweep that led to the arrests of more than 30 people, including reputed mobsters and other basketball figures.
Jones entered a guilty plea to a single count of conspiracy to commit wire fraud during the first of back-to-back plea-change hearings on Tuesday in Brooklyn federal court. Sentencing guidelines call for a punishment of 21-27 months in prison.
Reading a prepared statement to the court, he acknowledged that he conspired with others to defraud sports betting companies by using “insider information that I obtained as a result of my relationships as a former player.”
“I would like to sincerely apologize to the court, my family, my peers and also the National Basketball Association,” Jones said.
He acknowledged that his actions violated the NBA’s code of conduct and also the terms of service on sports betting websites.
The 49-year-old is charged in separate cases with profiting from rigged poker games and providing sports bettors with nonpublic information about injuries to stars LeBron James and Anthony Davis, according to court filings.
Jones previously pleaded not guilty in both cases to charges of wire fraud conspiracy and money laundering conspiracy. Both charges carry a maximum punishment of 20 years in prison.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Former NBA player and assistant coach Damon Jones is set to plead guilty Tuesday to charges accusing him of cashing in on rigged poker games and giving sports bettors nonpublic injury information about stars, including his onetime teammate LeBron James.
Barring a last-minute change, Jones will become the first person to plead guilty in a gambling sweep that led to the arrests of more than 30 people, including reputed mobsters and other basketball figures.
None of the other defendants have shown a willingness to plead guilty. On Monday, prosecutors said they were seeking additional charges against a co-defendant in the betting case, former Miami Heat guard Terry Rozier.
Jones, 49, is scheduled to appear at back-to-back plea change hearings in Brooklyn federal court before Magistrate Judge Joseph Marutollo. Court records show he is expected to plead guilty to at least one count of conspiracy to commit wire fraud.
Jones previously pleaded not guilty in both cases to charges of wire fraud conspiracy and money laundering conspiracy. Both charges carry a maximum punishment of 20 years in prison. He remains free on bail.
Jones’ lawyer, Kenneth Montgomery, declined to comment.
Jones was arrested last October along with Rozier, Portland Trail Blazers head coach and Basketball Hall of Famer Chauncey Billups, and others, including a sports bettor accused of cashing in on injury information.
Jones was one of three people charged in both the poker and sports betting schemes.
Originally from Galveston, Texas, Jones earned more than $20 million playing for 10 teams in 11 seasons from 1999 to 2009. He and James played together in Cleveland from 2005 to 2008, and Jones served as an unofficial assistant coach for James’ Los Angeles Lakers during the 2022-2023 season.
Prosecutors say Jones sold or attempted to sell nonpublic information to bettors that James and former Lakers forward Anthony Davis were injured and either wouldn’t be playing or would play less time in certain games.
In the poker scheme, prosecutors say Jones was among former NBA players used to lure unwitting gamblers to poker games that were rigged using altered shuffling machines, hidden cameras, special sunglasses and even X-ray equipment built into the table.
According to the indictment, Jones was paid $2,500 for a game in the Hamptons where he was instructed to cheat by paying close attention to others involved in the scheme. When in doubt, Jones was told to fold his hand, prosecutors said.
In response, according to prosecutors, Jones texted: “Y’all know I know what I’m doing!!”
Former NBA player and assistant coach Damon Jones arrives at Brooklyn federal court, Tuesday, April 28, 2026, in New York. (AP Photo/Yuki Iwamura)
Former NBA player and assistant coach Damon Jones arrives at Brooklyn federal court, Tuesday, April 28, 2026, in New York. (AP Photo/Yuki Iwamura)
Former NBA player and assistant coach Damon Jones arrives at Brooklyn federal court, Tuesday, April 28, 2026, in New York. (AP Photo/Yuki Iwamura)
Former NBA player and assistant coach Damon Jones arrives at Brooklyn federal court, Tuesday, April 28, 2026, in New York. (AP Photo/Yuki Iwamura)
Former NBA player and assistant coach Damon Jones, left, arrives at Brooklyn federal court, Tuesday, April 28, 2026, in New York. (AP Photo/Yuki Iwamura)
FILE - Former NBA basketball player and assistant coach Damon Jones arrives at Brooklyn federal court, Monday, Nov. 24, 2025, in New York. (AP Photo/Yuki Iwamura, File)
