BP doubles profits on day 60 of Iran War — BBC News

[0:04] Hello, I'm Maryam Meshiri and this is Iran War Today, our daily briefing bringing you up to date [0:10] with all you need to know on day 60 of the US-Israel war with Iran. Let's start with some of today's [0:15] key developments. Energy giant BP has a huge rise in profits for the first three months of the year [0:22] as the war sends fuel prices higher. It comes as Keir Starmer urges people not to panic over the [0:28] impact of the conflict on their food and fuel bills. President Trump says Iran has told the US [0:35] that it's in a state of collapse and would like the US to reopen the Strait of Hormuz as soon as [0:39] possible. A Russian superyacht linked to one of President Putin's key allies has sailed through [0:45] the Strait of Hormuz despite the ongoing blockade of the critical shipping route. And Israel says [0:51] it's not seeking to take territory in Lebanon despite issuing evacuation orders in the south [0:57] of the country. Let's start with more on that huge boost in profits for the UK energy giant BP. In its [1:08] first result since the Iran war broke out it's reported profits of 3.2 billion dollars. That's [1:15] 2.4 billion pounds between January and March. Now that's way more than expected and double the [1:21] amount this time last year. BP says the rise was largely driven by the surge in oil prices linked to [1:27] the war. Campaigners accused the group of profiting at the expense of households who've seen fuel prices [1:33] rocket at the pumps. It all comes as Prime Minister Keir Starmer has urged people not to panic over the [1:39] impact of the war on their food and fuel bills. The Prime Minister has been leading a meeting of the [1:44] committee which has been set up to deal with the economic fallout from the conflict. Well let's [1:50] discuss this more with our business correspondent Ben King. And Ben, lots of comments about how big the [1:55] profits are as we're all paying more at the pump. So talk us through these figures. That's right. Well [2:00] BP has made as you say 2.4 billion pounds, 3.2 billion dollars and that's actually not necessarily [2:09] directly down to the rise in the oil price. A lot of that profit comes from its trading division. [2:15] The volatility, the changes, the rapid changes in the oil price have given its energy traders lots of [2:20] opportunities to make money. That's one of the reasons why the profit's up. Also the refining margin, [2:25] the amount of money it makes when it takes crude oil and turns it into petrol and jet fuel has gone [2:31] up and that's helped to boost profits too. The actual profits from oil production as such a flat [2:36] this quarter, that's because it takes a little while. There's a time lag for those to feed through [2:41] into its profits and it might be higher next quarter. Inevitably when this happens there are calls for a [2:47] windfall tax. People who are paying so much of the pumps think it's unjust that a company should be [2:52] sitting there making such big profits. Megan O'Neill, the incoming chief executive of BP, [2:58] has said that that would be a bad idea. She opposes that. But the Chancellor has pointed out in fact [3:04] the UK does have a windfall tax on it that was brought in after the invasion of Ukraine. And so when [3:12] oil prices go up energy companies do pay more money on the domestic oil production. [3:16] And meanwhile Ben, the Prime Minister's urging all of us not to panic about those price rises because [3:22] of the war. So what's the committee that he's been chairing all about? [3:26] So this is a committee called the Middle East Response Committee. Merck, it unites senior ministers, [3:32] Bank of England officials to consider contingencies in the case of this situation continuing for [3:40] longer. The Chancellor has been there today, ministers for energy, transport and health. And they're looking at [3:47] what happens if the situation continues. The Prime Minister has also been talking to journalists and he said, [3:54] well, I have to level with you. There is an impact from this. Obviously anyone who's filled up a car in the past [4:00] month or so will know that there's been an impact. And he says the best thing to do to solve that is to open the [4:05] Strait of Hormuz. That's not in his gift, unfortunately. And he says that even if the [4:10] Strait of Hormuz is open, the impact doesn't stop then. Because the disruption that this whole [4:15] conflict has caused will carry on even after the Strait of Hormuz reopen if they do. [4:22] Ben, thank you. Well, President Trump says Iran has told the US that it's in a state of collapse [4:29] and would like the US to reopen the Strait of Hormuz as soon as possible. Mr. Trump offered [4:35] no evidence for his statement, but posted this on his Truth Social account. Iran has just informed [4:41] us that they are in a state of collapse. He went on to say they want us to open the Strait, the Hormuz [4:47] Strait as soon as possible as they try to figure out their leadership situation, which I believe they [4:53] will be able to do. Thank you for your attention to this matter, President Donald J. Trump. [4:59] Meanwhile, a superyacht linked to one of Russian President Vladimir Putin's key allies has sailed [5:05] through the Strait of Hormuz. That's despite the ongoing blockade of the critical shipping route. [5:11] The 142-metre-long Nord luxury boat, valued at $500 million, traveled from Dubai to Muscat in Oman [5:19] over the weekend, one of a few private vessels to transit through the Strait in recent months. [5:24] The vessel is linked to sanctioned Russian billionaire Alexei Mordashov. Iran and Russia [5:30] have had high-level talks this week as Iran's standoff with the US over the Strait. Reopening [5:34] continues. Meanwhile, Iran's UN ambassador says the US is responsible for shipping disruptions. [5:42] Iran's measures in the Strait of Hormuz are grounded in Iran's right and obligation under the law of the [5:49] sea and its national laws and regulations. Iran's lawful measures aim to strike an appropriate balance [5:58] between security interests of the coastal state and the continuous safe conduct of navigation in [6:04] the Strait of Hormuz in a highly volatile environment. [6:09] Let's go now to the fragile situation in Lebanon. The Israeli government claims it's not seeking to take [6:17] territory there as its military has once again issued new evacuation warnings for towns and villages [6:23] in the south of Lebanon despite a ceasefire. The Israeli army has released a video which it says is of its [6:29] troops operating in southern Lebanon. We don't know where the footage was taken or when. Here's what the foreign [6:36] minister had to say. Israel has no territorial ambitions in Lebanon. Our presence in the areas [6:44] by our northern border serves one purpose protecting our citizens. Well the ceasefire between Israel and [6:53] Lebanon is being repeatedly broken with Israel and Hezbollah blaming each other for violations. Our [6:59] Middle East correspondent Lina Sinjab who's in Beirut says the attacks are making it difficult for the [7:04] Lebanese government. They're trying to negotiate a lasting ceasefire for the country. They're trying [7:11] to find a way for the Israelis to pull out from the south of the country where they have boots on the [7:17] ground and they're now in control of almost five to six kilometres of the borderline. They've demolished [7:24] all the border villages and towns and this is also another issue the government is seeking to have [7:32] people be able to go back to their homes even if they are like completely destroyed. And this whole tit for tat [7:40] you know this whole attack and escalation by the Israelis and Hezbollah's you know position is really [7:51] holding the country hostage into war and no clear sign on when this is going to end. [7:57] Well finally let's get a view from inside Iran. Our chief international correspondent Lise Doucette [8:04] is reporting from the capital Tehran on condition that none of her material is used on the BBC's [8:10] Persian service. These restrictions apply to all international media organizations operating in Iran. [8:16] Lise has been out on the streets of the capital and sent this report. [8:20] A salute to Iran's security forces, the song of stalwarts. [8:27] They're showing up nightly in the squares of Tehran responding to their government's call [8:35] to send a message to the enemy. Even mullahs are out on motorcycles flashing their guns. [8:47] Tonight there's a town hall too to discuss. Should Iran talk to the U.S.? Distrust runs deep here. [8:55] It's better if negotiations don't happen. The war should continue until America and Israel are defeated. [9:03] But the people of Iran are suffering. [9:07] There are no problems with the economy and we want America to leave the Middle East. [9:15] On the streets the pain sharpens. Prices are rising, jobs going. Iran's leaders insist they'll weather this. [9:23] Many Iranians tell us they don't want to speak on camera. Security is visibly tighter now. Off camera, [9:31] some tell us what they think. War can help to change the regime, okay? To regime change. [9:39] The war is better. I believe that, you know, that's too much better than this situation. [9:44] So many Iranians tell us they don't believe this shaky ceasefire will hold. And if war returns, [9:54] there will be more Israeli-American strikes on military targets. But it also seems clear civilians will suffer. [10:02] On this street in the city of Karaj, multiple houses were damaged or destroyed. 17 people killed, [10:11] including eight in this family. I want to know what was their sin. What sins did my young brother, [10:24] my father and my sister commit to be killed by two missiles? Look around this house. From the top to the [10:30] bottom of the street, do you see any military bases here? This is a residential area. [10:36] It's hard for us to establish on one visit if there was a military target here. At Karaj's main cemetery, [10:48] the faces of this war. In this row, top commanders, security personnel. In new graves nearby, mostly [10:57] civilians. The family of eight is buried here. Next to them, a family of 15, including six children. At the [11:08] graveside, there's discussion about whether one of the men worked with the Islamic Revolutionary Guards. [11:15] For now, lives are on hold. There's no war, but no peace either. No certainty about what comes next. [11:24] Lise Doucette, BBC News, Tehran. Whether you are joining us on YouTube, TikTok, [11:31] Sounds, radio or TV, thank you for your time. We'll be back at the same time tomorrow with the Iran War Today.