$5.73Bn in the Three Months to the End of June, Up $2.5Bn From the Previous Quarter, As the Middle East Crisis Disrupted Energy Exports

The results came days after Shell posted its second-highest quarterly earnings on record, doubling net profit to almost $10bn. Saudi oil company Aramco also saw a 44% rise in net profits to $32.69bn despite disruptions in the Strait of Hormuz. New BP chief executive Meg O'Neill said there was "more to do" and is expected to overhaul the 117-year-old company, including an exit from the North Sea.

O'Neill told CNBC she had spoken with Andy Burnham, who "reinforced his desire to work closely with business" and be pragmatic, adding that the UK should use domestic resources first. The windfall profits have drawn criticism, with Donald Trump saying Chevron and ExxonMobil are making too much money, and Friends of the Earth's Rosie Downes noting that while BP banks enormous profits, millions of households pay the price through high energy bills and a climate crisis accelerating out of control.