Norway’s national oil company profits double to $11.5bn amid war on Iran

<p>Equinor benefits from move to increase oil and gas production during strait of Hormuz blockades</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/jul/22/uk-inflation-food-and-fuel-prices-drop-economy-latest-news">Business live – latest updates</a></p></li></ul><p>Profits at Norway’s state oil company nearly doubled to $11.5bn (£8.6bn) in the three months to the end of June as the jump in oil and gas prices caused by the war against Iran boosted earnings.</p><p>Equinor benefited from a decision to increase oil and gas production at the start of the conflict, filling a gap in the market after a near-halt to shipping through the strait of Hormuz caused Gulf oil flows to slump.</p> <a href="https://www.theguardian.com/world/2026/jul/22/norway-national-oil-company-equinor-profits-double-115bn-war-iran">Continue reading...</a>