BP predicts oil prices to remain 'elevated' as profits soar to highest for 14 years

BP brings the second-quarter profit tally for the top Western oil and gas companies to $59bn after rivals, including Exxon Mobil and Shell, reported record earnings last week

BP shares rose 4%, hitting their highest levels since June and strongly outperforming the European energy index.

BP's second-quarter profit soared to $8.45bn (€8.27bn), its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.