Oil's crashed from $124 to $71 -- so is it time to buy BP shares?

The article links a sharp oil pullback to renewed attention on BP shares, after crude fell from $124 to $71 and Middle East-related market moves reopened the Strait of Hormuz. It says talks in Qatar have put Iranian barrels back into the water and knocked about 20% off BP’s share price, prompting the question of whether the dip is an opportunity. Analysts quoted include expectations of Brent heading toward $55, while Jeff Currie of The Carlyle Group argues instead for an oil “supercycle” lasting another decade, driven by chronic underinvestment in production and AI-related power demand. The piece notes BP’s CEO change: Meg O’Neill took over on 1 April, coming from Woodside Energy, and focuses on capital discipline and upstream and LNG strengths. Valuation metrics cited include a P/B around 1.8 versus a 10-year average near 1.4, plus a 5.4% trailing dividend yield in the FTSE 100. It also flags risks from possible Iranian supply effects and potential windfall taxes.