World
Equinor doubles Q2 2026 profits, boosted by Iran conflict and soaring oil prices
Equinor, Norway's national oil company, reported record quarterly earnings on July 22, 2026, with adjusted profits of $11.5 billion (£8.6 billion) in the second quarter of 2026—nearly double the $6.5 billion recorded in Q2 2025. The company surpassed analyst expectations of $11.37 billion, buoyed by a surge in Brent crude prices driven by the US-Israel conflict against Iran. The near-complete halt of maritime traffic through the Strait of Hormuz prompted Equinor to increase production and fill a gap in global supply. On the morning of July 22, Brent crude rose 3.3% to approximately $94.30 per barrel.