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

Equinor benefits from move to increase oil and gas production during strait of Hormuz blockades

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.

Equinor– which is the UK’s biggest gas supplier – 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.

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