STORY: BP said on Tuesday it expects its huge oil trading desk to post "exceptional" results for the first quarter.
It signals a windfall from the spike in oil prices triggered by the U.S.-Israeli war against Iran.
This broadly echoed the first-quarter outlook from European rival Shell which also flagged strong results in oil trading.
It's an area where European majors are more active than U.S. competitors.
Citi analysts raised their earnings forecast for BP by 20%, expecting first-quarter adjusted net income of $2.6 billion.
Global benchmark Brent crude soared to multi-year highs near $120 a barrel after U.S.-Israeli strikes on Iran began in late February.
It was followed by Tehran's closure of the vital Strait of Hormuz shipping route and attacks on Gulf neighbors.
BP is due to report first-quarter results on April 28.
Meg O'Neill became the company's fifth CEO since 2020 this month.
She's pledged to continue with a one-year-old revamp to direct billions of spending from low-carbon projects into oil and gas to increase profitability.
She will face shareholders at the company's annual general meeting on April 23...
after influential proxy advisers and some shareholders have supported votes against the board's wishes.
