Energy giant BP is expected to be able to accelerate its debt reduction after being handed a major financial boost by volatile oil prices.
According to City analysts, BP's underlying Q1 profits are set to double to $2.7billion, The Times reports.
The forecast figures follow an "exceptional" performance from the firm's oil traders capitalising on the situation in the Middle East and closure of the Strait of Hormuz strangling global oil supplies.
The unrest saw average Brent crude prices for the first three months of the year shoot up to $81.13 a barrel from $63.73 in Q4 2025.
A price lag incorporated into some contracts means BP won't feel the full benefit of the price rises until Q2 and Q3.
But the doubling of underlying profits is expected to allow BP to press ahead with efforts to bring down its debt levels, which currently stand at 47% of capital employed.
Experts now predict that could be brought down to 37% by the end of this year and as low as 15% by 2030.
It comes as stalling peace talks between the US and Iran over the weekend caused oil prices to rise again.
The BBC reports Brent, the global benchmark, rose by nearly 2% to $107.26 (£79.25) a barrel, while US-traded crude was up by 1% at $95.40.
President Donald Trump said on Saturday the US had cancelled plans to send negotiators to Pakistan for talks.
FSTE100
The UK's flagship share index, the FTSE 100, was down 37 points at 10,373 shortly after opening this morning.
Brent crude oil futures were up 0.32% trading at $107.63 a barrel.
Companies reporting