The recent US strike on Iran has introduced a supply risk premium that, combined with OPEC+ output discipline and US shale capital restraint, supports higher oil price forecasts for BP’s upstream operations. BP currently offers a 5.14% dividend yield and maintains an Outperform rating from Wolfe Research with a $51 price target, underpinned by consistent share buybacks and cash flow generation. BP operates across Gas & Low Carbon Energy, oil production, downstream fuels and convenience, and invests in wind, solar, biofuels, hydrogen, carbon capture, EV charging and digital transformation to drive long-term growth.