# Brent crude soared close to $120 a barrel after US-Israeli strikes on Iran began in late February.

*business · news · 2026-04-14 · The Sunday Times*

## Key points

- BP expects first-quarter oil trading to be 'exceptional' due to Middle East conflict disruptions.
- BP forecasts net debt to rise to $25–$27 billion, mainly from increased working capital needs.
- Brent crude averaged $81.13 a barrel in Q1, up from $63.73 in Q4 2025.
- Refining margins increased to $16.9 a barrel, boosting refined products business by $100–$200 million.

**Companies:** BP, Shell
**Countries:** United Kingdom, Iran, United States

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/bp-expects-exceptional-first-quarter-oil-trading-results-mwtpt7kpf)

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