Vitol Made About $2 Billion in First Quarter Despite War Losses

Vitol Group has told banks it made a first-quarter profit of roughly $2 billion, as the world’s top energy trader moves to reassure lenders over losses in some parts of its business due to the Iran war.

The profit figure, communicated informally during conversations over the past week, was described as indicative, according to people familiar with the matter, who asked not to be identified discussing private interactions. It could still change as the company is still finalizing its accounts for the period, some of the people said.