BP almost trebled its annual net profit to $9.4 billion (8.2 billion euros) last year as oil prices soared in 2018, the British energy giant announced yesterday.

Profit after tax rocketed from $3.4 billion in 2017, "primarily affected by higher oil prices and favourable foreign exchange" rates, BP said in a statement.

Fourth-quarter net profit stood at $766 million, up from $27 million in the final three months of 2017.

However it was well down on 2018 third-quarter net profit of $3.35 billion, which was fuelled by surging oil prices before they cooled approaching the new year.

BP chief executive Bob Dudley said the group was benefiting also from "capital discipline".