BP PLC announced that its oil trading division achieved exceptionally strong results in the first quarter, driven by a surge in crude prices following the conflict in Iran.

The turmoil in energy markets triggered by the conflict forced major traders and refineries to scramble for available crude supplies to fill the massive gap left by disrupted shipments from the Gulf region.

Last week, spot crude prices in the North Sea hit a record high, approaching $147 per barrel.

In a trading update released ahead of its official financial report on April 28, BP also disclosed that its net debt is expected to increase by approximately $30 to $50 billion in the first quarter. The company has bolstered its working capital reserves for daily operations to ensure sufficient cash on hand, enabling it to navigate the current market volatility smoothly.

The previous week, Shell PLC indicated that the Middle East conflict would provide a significant boost to its energy trading business.