Equinor profits nearly double to $11.5bn amid war on Iran

Norway's state-owned oil company Equinor reported a near doubling of its quarterly profits, reaching $11.5 billion (£8.6 billion) in the three months ending June, driven by surging oil and gas prices amid the US-Israel conflict with Iran. The company's earnings were significantly boosted by its decision to increase oil and gas production since the war began, capitalizing on a market gap created by reduced oil flows from the Gulf region due to blockades in the Strait of Hormuz. This strategic ramp-up allowed Equinor to fill supply shortages as shipping traffic through the crucial waterway was throttled. The profit surge underscores how energy companies are benefiting from geopolitical tensions that disrupt global energy supplies. Equinor's performance reflects the broader impact of the conflict on energy markets, with prices spiking as the war disrupts Middle East oil exports. The company's ability to quickly boost output highlights Norway's role as a key energy supplier during crises. Moving forward, Equinor's profits may remain elevated if the conflict persists and supply constraints continue, though the company faces potential risks from any escalation or diplomatic resolutions that could stabilize markets.