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

Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.The energy company hailed a “banner quarter” on Friday, with its underlying ​replacement ⁠cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period ​a year ​ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008. Continue reading...