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The Latest Breaking News from British Petroleum

BP profits more than double as oil trading booms on soaring crude prices amid Iran war

The FTSE 100 firm’s preferred profit measure soared to a better-than-expected $3.2bn in the first quarter

The Independent UK

UAE quits Opec in ‘pivotal moment’ for oil producing group – as it happened

It’s UAExit as the United Arab Emirates will leave Opec on 1 May, in a blow to the group of oil producers

The Guardian - UK

Nasdaq Notches Another New All-Time High: Stock Market Today

Two of the three main U.S. equity indexes hit new all-time highs at the start of a big week for earnings and interest rates.

Kiplinger

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Shell reverses course in Canada and buys ARC Resources for $14 billion, doubling down on oil and gas

The Montney is emerging as a hot oil and gas play as U.S. shale basins mature.

Fortune

Blue chips close lower amid US-Iran stalemate

For the week, the FTSE 100 fell 2.7%, the FTSE 250 also declined 2.7% and the AIM All-Share dipped 1.7%.

Evening Standard

What impact will soaring oil prices have on BP’s earnings?

The FTSE 100 firm said earlier this month it was heading for an ‘exceptional’ oil trading result in the first three months of the year.

Evening Standard

Extra diesel shipments prioritised for regional areas

Two additional cargo ships of diesel will come into Australia, bringing in 100 million litres of supply after deals struck with two major fuel companies.

AAP

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BP’s chair deserved a kick for his silly obstinacy over shareholder resolution

Albert Manifold and his board refused to put a request from investor group on annual meeting agenda – leading to an investor revolt

The Guardian - UK

BP board suffers triple climate rebellion from shareholders

More than 50% of voters at first AGM under new leadership oppose plans to scrap climate reporting

The Guardian - UK

BP facing tense clash over climate transparency and shareholder rights at AGM

The oil major could face investor dissent on several fronts during the meeting at its Sunbury-on-Thames hub in Surrey.

Evening Standard

Beyond sneakers: Bachi Pullela’s ‘State of Joy’ bet in the footwear space

Bachi Pullela, Founder of State of Joy, discusses his transition from global manufacturing to building a consumer-facing brand rooted in Indian identity and “joy” as a cultural philosophy.

The Economic Times

Climate groups sue US government over approval of new BP project in Gulf of Mexico

Advocates expressed alarm as new project drills deeper into ocean bed, pointing to company’s failures at Deepwater Horizon spill

The Guardian - US

'Tiny' tax returns on gas has leading economist fuming

Australians have finite stocks of gas and other natural resources and deserve a fair return on them, an inquiry has been told as calls grow for tax reform.

AAP

Environmental groups sue Trump administration over approval of new ultra deep-water drilling project

Environmental groups sued the Trump administration on Monday over its approval of oil company BP’s ultra deep-water drilling project in the Gulf of Mexico

The Independent UK

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Evening Standard

FTSE 100 falls back amid renewed US-Iran tension

XTB’s Kathleen Brooks said ‘the market mood is very different at the start of the week compared to Friday’.

Evening Standard

Oil price plummets as Iran declares Hormuz open

‘For stock and bond market bulls around the world, this is the perfect end to the week,’ said Kathleen Brooks, research director at XTB.

The Independent UK

The Latest: A 10-day Lebanon ceasefire appears to hold as European leaders set to meet over strait

A 10-day ceasefire announced by U.S. President Donald Trump and agreed on by Lebanon and Israel appeared to be holding in Lebanon

The Independent UK

BP sued in Kenya over alleged toxic waste from 1980s oil exploration

A Kenyan High Court has ruled that a class action lawsuit against BP can proceed

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Evening Standard

Stocks rise, oil falls, on fresh Middle East hope

The FTSE 100 closed up 26.10 points, 0.3%, at 10,609.06.

The Independent UK

UK workers should stay at home to save fuel, says ex-government adviser

Professor Nick Butler warns the price of diesel could still go a ‘good deal’ north of £2 per litre

The Guardian - UK

BP’s new boss to overhaul structure after retreat from green strategy

Meg O’Neill to return to upstream and downstream divisions after shift away from low carbon push

The Independent UK

BP sees ‘exceptional’ oil trading result as Iran war sends crude costs soaring

Oil prices have surged higher since the US-Israel war on Iran started and are now more than 60% up so far this year.

The Guardian - US

‘A disturbing lack of integrity’: Columbia students file complaint against energy thinktank taking big oil money

Members of Sunrise Movement chapter claim university’s energy center engaging in deceptive trade practices

Evening Standard

FTSE 100 suffers losses amid fears over US-Iran ceasefire

Barchart

Oil Prices Crash 16% on Iran War Ceasefire—Why ExxonMobil Is Still the Only Buy That Makes Sense

Oil prices and stocks had soared on the escalation of the Iran war, but a two-week ceasefire sent them plummeting. However, regardless of whether the ceasefire holds or new hostilities break out, one oil stock is a buy no matter which way this conflict goes.

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