BP profit slumps on falling energy prices

British energy giant BP on Tuesday announced a drop in second-quarter net profit as oil and gas prices retreated from peaks reached a year earlier following Russia’s invasion of Ukraine.

Profit after tax plunged to $1.8 billion in the three months to the end of June compared with $9.3 billion in the second quarter last year, BP said in a statement, mirroring hefty falls across the sector.