BP p.l.c. (BP.L) shares rose 5.09% this week. The stock finished Friday's session at 549.5 pence. Brent crude oil prices increased 6.39% during the same period. The commodity closed at $94.39 per barrel. Higher prices provide BP with greater opportunity to accelerate debt-reduction efforts.
The company reported a second-quarter underlying profit of $5.7 billion. This result marks a $2.5 billion increase from the previous quarter. Geopolitical events in the Middle East continue to drive global energy volatility.