Benchmark oil prices have risen sharply since early March, after attacks led to the virtual closure of the Strait of Hormuz, a key shipping route through which about a fifth of the world's oil and liquefied natural gas passes.
BP is among the biggest beneficiaries of such developments, along with other oil giants. Results for the first three months of the financial year show underlying profits reaching $3.198 billion (£2.366 billion).
That was even better than analysts' expectations, which had predicted an increase to around $2.7 billion (£1.99 billion). For comparison, in the same period the previous year, profits were $1.381 billion (£1.021 billion).
The company made it clear that the profit growth was clearly linked to higher oil prices, stating that the result "reflects extremely successful oil trading."
Despite the growth in profits, fossil fuel producers are still subject to a special tax on windfall profits, introduced after the Russian invasion of Ukraine, when some energy companies made record profits.
