BP profit more than doubles as Trump attacks Big Oil over Iran war fuel costs

LONDON, Aug. 4. BP reported a profit that more than doubled, the company disclosed, as U.S. President Donald Trump publicly attacked the oil industry for making "too much money" off higher fuel prices amid the Iran war. The result put BP's earnings in direct public tension with the president's criticism of the sector.

Trump's attack on oil earnings

Trump said Big Oil was making too much money off higher fuel prices, attributing the cost pressure to the Iran war. His remarks, according to reports, did not name BP or any specific company, targeting the oil industry broadly. Higher fuel prices, which Trump attributed to the Iran conflict, formed the basis for his rebuke of the sector's returns.

BP's result and its context

BP's profit more than doubled, the company said in its release. The figures emerged as Trump was publicly questioning the oil industry's returns. Both the earnings result and the presidential criticism are rooted in the same elevated price environment driven by the Iran war. The company made no reported public response to Trump's remarks.

Trump's stated view: the industry is making "too much money." BP's reported outcome: profit more than doubled.

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