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

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

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Profits at Norway’s state oil company nearly doubled to $11.5bn (£8.6bn) in the three months to the end of June, as earnings were boosted by the jump in oil and gas prices caused by the US-Israel war on Iran.

Equinor benefited from a decision to ramp up oil and gas production since the start of the conflict, filling a gap in the market after a slump in oil flows from the Gulf amid the throttling of shipping traffic through the strait of Hormuz.