BP just smashed earnings with $5.7 billion in profit—way above expectations—amid soaring oil prices fueled by Middle East tensions blocking key shipping lanes like the Strait of Hormuz. While consumers feel the squeeze at the pump, BP’s CEO defends record profits as global market-driven, emphasizing reliability for critical fuels like jet fuel and diesel. The company is also trimming costs by selling a refinery, saving ~$1 billion, and stabilizing leadership after recent shakeups—all while its stock soars this year, even as the President calls out big oil for profiting off the crisis.
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