British oil firm BP has delivered its biggest quarterly profit amid high oil and fuel prices due to strikes and political unrest in key producing nations.
Net profit grew 136 per cent from a year earlier to $3.729 billion, at the top end of analysts' expectations.
Supply concerns linked to war in Iraq, strikes in Venezuela and civil unrest in Nigeria - all key oil nations - boosted the average price of crude oil in the quarter to a 12-year high.
The Venezuela strike also shut in significant fuel exports to the United States, sending the price of fuel higher around the world and offering BP and its rivals some of the best refining profit margins of recent years.
BP's profits last peaked two years ago in the first quarter of 2001, when a similar conjunction of strong prices helped deliver adjusted net profit of $3.712 billion.
The company paid a dividend of 6.25 cents, unchanged from the fourth quarter.
But company results were overshadowed by a downturn in crude prices taking place in recent days, and by concerns about the performance of Britain's largest company outside its core oil and gas-producing division.
BP shares fell 1.5 per cent to 399-1/2 pence in line with other large European oil stocks.