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

Norway’s state-backed energy company Equinor has reported a sharp rise in profits, with earnings nearly doubling to $11.5 billion in the three months to the end of June, according to a monitored public feed based on reporting from The Guardian Business.

The surge in profit came as oil and gas prices climbed after the US-Israel war on Iran disrupted energy markets. The feed summary says Equinor was helped by a decision to increase oil and gas production after the conflict began, allowing the company to take advantage of tighter global supply.

The company’s stronger performance came as shipping through the Strait of Hormuz was squeezed by blockades, reducing flows from the Gulf and creating room for other suppliers to meet demand. That shift appears to have supported Equinor’s production push and lifted earnings in the quarter.

Equinor is Norway’s national oil company and a major player in the global energy market. Its latest profit figure, reported in the feed as £8.6 billion on a sterling basis, reflects the company’s exposure to sudden changes in commodity prices and supply conditions.

The result highlights how major energy producers can benefit when geopolitical tensions disrupt trade routes and limit output from rival suppliers. In this case, the conflict around Iran and the related strain on maritime traffic helped push prices higher, strengthening earnings for producers able to respond quickly.

This report is based on a monitored public feed and is attributed to The Guardian Business. No additional details were provided in the feed summary about revenue, production volumes, or company guidance.

Source: The Guardian Business - https://www.theguardian.com/world/2026/jul/22/norway-national-oil-company-equinor-profits-double-115bn-war-iran