BP is planning to cut around 700 jobs as part of its global workforce amid the ongoing US-Iran war, which has seen oil prices surge dramatically. It is understood that the oil giant is preparing to move its business focus to profits and returns after a period of volatile market activity. In an email seen by Reuters, the job cuts would affect around eight per cent of BP's 8,500 "non-frontline" positions. Without sharing how many jobs will be cut, a BP spokesperson said: “We are building a simpler, stronger, more valuable BP. "Ministers should ensure the Energy Profits Levy does its job and use the proceeds to fund energy debt relief and a permanent social tariff.