British energy giant bp has reported a nearly fourfold increase in quarterly profits, benefiting from soaring oil prices amid the Iran war, as the company faces growing criticism over windfall earnings while households struggle with rising energy costs.

bp, a member of the FTSE 100 index of leading London-listed companies, said its underlying replacement cost profit, its preferred measure of earnings, reached $8.46 billion in the third quarter of 2026, compared with $2.21 billion in the same period last year, according to dpa international.

The results, covering the three months to September 30, significantly exceeded analysts' expectations.

The announcement came after rival oil major Shell reported quarterly profits of $10.81 billion on October 29.

bp Chief Executive Meg O'Neill said the company's refineries have been "running close to capacity" to help maintain global oil supplies amid widespread disruption to energy and fuel markets caused by the conflict in the Middle East.

The Strait of Hormuz, a vital international shipping route for energy supplies, remains closed, adding to pressure on global oil markets.

bp's strong financial performance has sparked criticism from campaigners, who argue that energy companies are benefiting from the crisis while consumers face another winter of high energy bills.

According to campaign group Global Witness, bp's latest results bring the combined profits of Europe's six largest oil companies to $89 billion so far in 2026.

"It is obscene that polluters are continuing to cash in on the fallout of the war in Iran, making more bumper profits from spiralling oil prices while innocent civilians suffer," said Jonathan Noronha-Gant from Global Witness.

"These massive profits come as ordinary people across Europe are struggling with the rising cost of living, with many struggling to afford to heat their homes as winter arrives. Oil giants can and should pay much more for the damage they are doing to our planet."

The latest earnings have renewed calls for higher taxes on the oil and gas industry, with campaigners arguing that energy companies should contribute more during the period of elevated prices.

However, the chancellor's budget announced on October 28 included no changes to the levies paid by oil and gas companies.

The debate over windfall profits and energy taxation is expected to intensify as households across Europe face continued pressure from high energy costs.