Britain's BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran. The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. BP's net profit came in at $2.35 billion over the same period last year and $3.2 billion for the first three months of 2026. "They're making too much money based on a shortage," Trump told reporters at the White House. BP CEO Meg O'Neill said the second-quarter results were underpinned by a strong performance across the group and responded to Trump's criticism of Big Oil.