BP has reported a profit of $5.73 billion (£4.26 billion) for the April to June quarter, more than double the $2.35 billion recorded in the same period last year.
The result marks the company's highest quarterly profit since 2022, when the Russia-Ukraine war drove a sharp rise in energy prices.
The increase comes as crude oil prices climbed following the outbreak of the Iran war earlier this year, disrupting global oil and gas supplies through the Strait of Hormuz.
BP said Brent crude, the global benchmark for oil prices, averaged $103.85 per barrel during the quarter, compared with $67.88 per barrel a year earlier.
The rise in oil prices also boosted earnings across the energy sector, with rival Shell reporting a doubling in quarterly profits last week.
US President Donald Trump said on Monday that ExxonMobil and Chevron were "making too much money."
"I don't like it, and I should be the last one to say because I'm a big free enterprise guy," Trump told reporters.
"They ought to give some of that back to the public, and they better cut the retail price, the consumer price."
Despite the surge in profits, BP Chief Executive Meg O'Neill said the company was not yet reaching its full potential.
BP also confirmed plans to move further away from clean energy by selling its US renewable natural gas business, Archaea.
O'Neill said the decision reflected the company's focus on "value, not sentiment or history."
"We have to focus on the assets with the strongest potential to deliver competitive returns and long-term value," she said.
Last week, BP announced plans to sell its North Sea business, ending 60 years of production in the region by the company.
Russ Mould, investment director at AJ Bell, said the asset sales were intended to make BP a more streamlined business.
"O'Neill will be aware she cannot rely on oil and gas prices remaining this high indefinitely," he said.
"She needs to make sure it can prosper even when the backdrop is less helpful."
Environmental and anti-poverty campaign groups criticised the company's strong earnings.
Greenpeace said BP's results showed that "corporate gains have become entirely divorced from the public good," while the End Fuel Poverty Coalition said oil companies had profited from a crisis that created hardship for millions of households.
Energy companies operating in the UK remain subject to the Energy Profits Levy, a windfall tax introduced in 2022 that applies to profits from oil and gas extraction in the UK.
