# BP's profits more than doubled to almost £2.4billion in the first three months of this year on the back of a surge in the wholesale cost of oil.

*business · news · 2026-04-28 · The Mirror*

## Key points

- BP's profits more than doubled to almost £2.4 billion in Q1 2024 due to oil price surges.
- Brent crude prices jumped from $60 to a high of $119 per barrel after Iran’s blockade.
- BP's customers and products division reported £1.84 billion profit, up from £76.2 million a year ago.
- BP CEO Meg O’Neill’s potential compensation for 2024 could reach £13.7 million.
- Ofgem's energy price cap may rise to £1,843 a year in July due to wholesale cost increases.

**Companies:** BP
**Countries:** UK, US, Iran

[Read the full story on The Mirror](https://www.mirror.co.uk/news/uk-news/fury-outrageous-oil-giant-bp-37082849)

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