# Oil prices have surged higher since the US-Israel war on Iran started.

*business · news · 2026-04-14 · Evening Standard*

## Key points

- BP upgraded its first quarter oil trading guidance due to the Iran war's impact on prices.
- Brent crude averaged $81.13 per barrel in Q1, up from $63.73 in the previous quarter.
- BP expects net debt to rise to $25-27 billion, up from $22.2 billion last quarter.
- BP's Q1 results will be the first under new CEO Meg O’Neill, who started April 1.
- Shell's PearlGTL site in Qatar halted production after being hit during recent attacks.

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

[Read the full story on Evening Standard](https://www.standard.co.uk/business/business-news/iran-israel-middle-east-brent-shell-b1278618.html)

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