BP's Profits Soar Amidst Rising Oil Prices, but Shares Plummet

BP has reported profits of $3.3bn for the third quarter, lower than expected, despite a recent rise in global oil prices. The company's earnings were down from $8.1bn in the same period last year, attributed to weaker gas trading. These results mark the first release since former CEO Bernard Looney resigned in September. Interim CEO Murray Auchincloss expressed confidence in the company's stability and growth prospects. BP also disclosed a $540m charge on three wind farm projects off the coast of New York due to failed renegotiations with authorities. The World Bank has warned of potential oil price increases if Middle East conflicts escalate.