BP has put its North Sea oil business up for sale as it reviews its portfolio and seeks to redirect investment towards projects with higher returns. The move comes amid a political dispute over whether the UK should permit further North Sea extraction, making the sale significant for energy security, jobs and the future of domestic oil and gas production.

Chief executive Meg O’Neill said BP remains committed to the UK but believes the North Sea business could be better supported by another owner; she took charge in December after a period of leadership instability. Separately, South Korea’s benchmark Kospi index rose 17.91% in a single day, its largest recorded increase, following sharp falls of 11% on Tuesday and 6% on Wednesday amid volatile trading linked to the AI boom.