business / news / / The Sunday Times
Brent crude soared close to $120 a barrel after US-Israeli strikes on Iran began in late February.
BP expects first-quarter oil trading to be 'exceptional' due to Middle East conflict disruptions.
KEY POINTS
- 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
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