Brent crude broke $85 a barrel last month, compared to the $49 average figure seen during the third quarter of 2017 when BP reported profits of $1.9 billion (£1.48bn).
Graham Spooner, research analyst at The Share Centre, said an increase in profits is dependent on BP’s production not suffering any setbacks.
“But judging by the first half of the year, plant reliability and uptime was high,” he added.
George Salmon, equity analyst at Hargreaves Lansdown, said there may also be an update on BP’s push into the renewables sector.
“BP understands there’s a growing demand and doesn’t want to be left out in the cold,” he said. “Following last year’s bout of renewable energy acquisitions, it’ll be interesting to see if further spending is directed here.”