BP’s share price has continued its uptrend today, with investors betting on stronger profitability as energy costs rise. The stock jumped to 572p, its highest level since April 28 and 27% above its July low. With crude oil prices surging, this rally could well continue in the coming days.

Crude oil prices are soaring

BP and other energy stocks are in a strong upward trend as crude oil prices surge. Brent, the global benchmark, rose to $108, its highest level in months. West Texas Intermediate (WTI) crossed the important resistance of $100.

Oil prices rallied as the crisis in the Middle East escalated. Iran’s attack in Jordan destroyed some US planes, while Houthis captured a strategic Red Sea port city on Thursday. The group pushed out…