The US-Israel conflict with Iran, which began on 28 February, has led to a surge in oil prices, as the key Strait of Hormuz – which usually carries about 20% of the global supplies of oil and liquid natural gas – has been effectively closed.
Brent crude, the global benchmark for oil prices, is currently trading at about $110 a barrel, compared with around $73 before the Iran war began.
O’Neill said she had joined “at a time when our industry is operating in an environment of conflict and complexity”.
She added BP had been “working with customers and governments to get fuel where it’s needed, helping minimize disruption and the impact it can have on people’s lives”.
