BP profits hit 18-year high as Iran war drives up oil refining margins

Third-quarter underlying ​replacement ⁠cost profit rises to $8.46bn, angering climate campaignersBP’s profits have hit their highest level in almost two decades, as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), up from $2.2bn ​a year ​ago. Continue reading...