BP profits drop after Russia-Ukraine war windfall fades

Oil giant BP profits has reported a steep fall in profits between April and June after energy prices fell back from spikes caused by Russia's war with Ukraine.

The firm said its underlying profits dropped to $2.5bn (£2bn).

That compares to a $8.4bn gain it reported in the same three months last year, a period covering the early stages of Russia's assault on Ukraine.

Wholesale oil and gas prices have fallen back sharply since last year.

However, energy giants such as BP and its rival Shell continue to make strong profits. Shell recently reported $5.1bn in income for the April to June quarter.