BP’s profits surge to record on back of high fuel prices

BP has achieved record profits, which nearly quadrupled within a year, driven by high energy prices resulting from the Middle East conflict. While competitors are returning more cash to shareholders, the oil and gas major is utilising this windfall to pay off debt. The surge in profits was particularly evident in the third quarter, as the company capitalised on the elevated fuel prices to secure a record financial haul during this period of volatility.