British energy major BP on Tuesday reported stronger-than-expected first-quarter profit, following a surge in oil and gas prices driven by the Middle East conflict. The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus. The company said the results reflect "exceptional" oil trading contributions and stronger midstream