BP’s quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East.

The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than 130% from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn.

BP – which was hit by a shareholder rebellion last week – said profits had been driven by an “exceptional oil trading contribution”. The reported jump in profits sparked an immediate backlash from campaign groups.

Oil prices have risen rapidly since the US-Israel war on Iran began in late February, as the vital strait of Hormuz shipping channel remains effectively blocked.

Brent crude rose 2.2% on Tuesday to $110.68 a barrel, its highest level since 7 April – the day the US-Iran ceasefire was agreed.

In her first results as chief executive of BP, Meg O’Neill, said: “I join at a time when our industry is operating in an environment of conflict and complexity, playing a vital role in keeping energy flowing.”

She said its employees had been working “relentlessly to keep our assets producing safely, reliably and efficiently.

“We are working with customers and governments to get fuel where it’s needed, helping minimise disruption and the impact it can have on people’s lives.”

Fears are growing over shortages of jet fuel linked to the war that could lead to significant numbers of flight cancellations.

Patrick Galey, the head of investigations at Global Witness, said: “It is horrifying to see BP’s profits grow as millions suffer the fallout from the US-Israel war on Iran. Unfortunately we’ve been here before – when Russia invaded Ukraine four years ago we saw big oil firms make bumper profits from spiralling fuel costs.”

Maja Darlington, a climate campaigner for Greenpeace UK, said the war had been “an entirely predictable disaster for everyone except the oil industry. BP’s profits are booming, with Trump’s bombs bringing billions for them and bigger bills for us.”

Simon Francis, the coordinator of the End Fuel Poverty Coalition, said: “These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.”

Household bills are forecast to reach nearly £2,000 from July, when the next quarterly price cap for gas and electricity charges comes into effect.

Francis added: “The government must respond with emergency support for the hardest-hit households and accelerate the shift to a renewables-led energy system that insulates people from price shocks caused by our exposure to oil and gas markets.”

The chancellor, Rachel Reeves, has ruled out offering the universal support given to all households by Liz Truss’s government and said any future help would be targeted at the poorest households.

BP’s customers and products division – including its oil trading unit – reported profits of $2.5bn, compared with $1.4bn in the previous quarter and just $103m a year ago.

BP said fuel margins were expected to “remain sensitive” to the cost of supply and conditions in the Middle East, while it expected 2026 reported upstream production to be lower owing to effects of the conflict.

Net debt rose to $25.3bn from just more than $22bn in the previous quarter, pushed up by lower operating cashflow, which came to $2.9bn.