Oil major BP beats profit expectations as Iran war boosts fuel prices **BP profits more than double due to Iran War.** >British energy major [BP](https://www.cnbc.com/quotes/BP/) on Tuesday reported stronger-than-expected first-quarter profit, following a surge in oil and gas prices driven by the Middle East conflict. >The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus. Consumers and businesses are paying more. Euro zone March PPI input is higher than PPI output, indicating businesses absorbing the higher cost of good/ services production. In contrast, PPI inputs were, on average, lower than PPI output during the covid period indicating businesses were passing on cost to consumers. The hypothesis? Consumers and businesses were better position to absorb price shock then as compared to today.…