BP has seen its shares climb roughly 20% since the Iran war began, outpacing the other supermajors. Since the conflict disrupted Middle East oil and gas supply, the biggest international majors have struggled to match the 45% rise in crude oil futures that has been seen since February 28, according to stock market data compiled by Bloomberg. While ExxonMobil has lost about 2% in its stock, Chevron , Shell and TotalEnergies have also lagged behind the market, none approaching the gains of the oil price rally. BP, the laggard of the past six years, has moved ahead of all others, while the top performer since 2020, ExxonMobil, has seen the worst stock showing among Big Oil since the war began. BP, more than other supermajors, suffered from the green strategy from 2020, with shareholders unhappy and demanding changes, and a share price severely underperforming those of its peers and the surge in oil prices in 2022-2023. Revolt among shareholders has been brewing for years over rising debt and an underperforming share price, with activist hedge fund Elliott Investment Management especially vocal in its demand for a turnaround at the supermajor. Last year, under intense shareholder pressure, BP announced a major strategy reset to slash investments in renewable energy and focus on its core business of boosting its oil and gas production. Due to the extreme market volatility since the Iran war began, BP expects to have booked an exceptional oil trading result for the first quarter of 2026 when it reports Q1 results on Tuesday. While BP's stock has outperformed its peers, Exxon's shares have lost about 2% since the war began, because part of its oil and gas production in the Middle East and all LNG volumes in which it has stakes in Qatar are trapped at the Strait of Hormuz and are unable to leave the region. By Tsvetana Paraskova for Oilprice.com