Britain’s BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran.

The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. That comfortably beat analyst expectations of $5 billion, according to an LSEG-compiled consensus.

Read more: http://cnb.cx/4wEKCw0

Britain’s BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran.

The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. That comfortably beat analyst expectations of $5 billion, according to an LSEG-compiled consensus.

Read more: http://cnb.cx/4wEKCw0

Source:https://twitter.com/cnbc/status/2084565041844511227