BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’

Britain's BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran.

The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. That comfortably beat analyst expectations of $5 billion, according to an LSEG-compiled consensus.

BP's net profit came in at $2.35 billion over the same period last year and $3.2 billion for the first three months of 2026.

The results come as oil and gas prices have surged amid the sprawling Middle East conflict. The fighting has severely disrupted shipping through the strategically vital Strait of Hormuz , a narrow maritime choke point that typically handles around a fifth of the world's oil and natural gas.

U.S. President Donald Trump on Monday lashed out at U.S. oil majors Exxon Mobil and Chevron for making "too much money" off higher fuel prices amid the Iran war, reiterating his demand for lower prices at the pump.

"They're making too much money based on a shortage," Trump told reporters at the White House. "I don't like it."

Exxon's second-quarter profits more than doubled to $14.5 billion compared to a year ago, while Chevron's earnings soared by nearly 400% to $12 billion compared to $2.5 billion in the same period last year. CNBC has reached out to Exxon and Chevron for comment.

BP CEO Meg O'Neill said the second-quarter results were underpinned by a strong performance across the group and responded to Trump's criticism of Big Oil.