# Oil giant said the war and its impact on market conditions had resulted in ‘heightened volatility’ across the business.

*business · news · 2026-04-14 · Daily Mail Online*

## Key points

- BP expects 'exceptional' oil trading results in Q1 due to Middle East conflict volatility.
- Brent crude averaged $81.13 a barrel in Q1, up from $63.73 in Q4 2025.
- BP's refining margins increased, boosting refined products business results by $100–$200 million.
- BP anticipates net debt rising to $25–$27 billion, up from just over $22 billion last quarter.
- Shell expects significantly higher oil trading results but has cut gas production for Q1.

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

[Read the full story on Daily Mail Online](https://www.dailymail.co.uk/money/markets/article-15731337/BP-hails-exceptional-quarter-oil-trading-Iran-sends-prices-soaring.html)

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