BP shares lift as oil giant cheers surge in profit 

BP has reported a surge in profit after the disruption to fuel supplies caused by the war in Iran turbocharged its margins. The FTSE 100 firm reported earnings of $8.5bn (£6.3bn) for the third quarter, a near-quadrupling compared to the same period last year, smashing analyst estimates. The company has halved its debt over the past year to $13.9bn, set to be cut further by the $6bn proceeds it collected from the sale of lubricants business Castrol. That helped send shares up 1.4 per cent to 633p in the opening minutes of trade on Friday.The stock is up by 44 per cent since the start of the year. The figures echo those of London-listed rival Shell, which on Thursday reported a more than doubling of third-quarter profit to $12.1bn. “The industry as a whole has been showing remarkable adaptability,” chief executive Meg O’Neill said. “Refineries have been running close to capacity to make up for shortfalls, shipping has been taking different and longer routes, and release