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World
Equinor doubles Q2 2026 profits, boosted by Iran conflict and soaring oil prices
Herz — World Desk · · 30s summary · 4 min read
The essentials
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.
- Equinor reports $11.5 billion adjusted profits in Q2 2026
- Profit nearly doubled compared to Q2 2025 ($6.5 billion)
- Iran-US conflict drives Brent crude between $75 and over $100 per barrel
- Houthis announce naval blockade threatening Saudi Arabian oil exports
- Brent gains 3.3% to $94.30 per barrel on July 22, 2026 morning
What we know
Equinor, Norway's national oil company founded in 1972, published record quarterly results on July 22, 2026. Adjusted profits reached $11.5 billion (£8.6 billion) in the second quarter of 2026—nearly double the $6.5 billion recorded in the same period last year, according to The Guardian.
The company beat market forecasts: analysts had anticipated adjusted profits of $11.37 billion for the quarter.
From the outset of the US-Israel conflict against Iran, Equinor ramped up oil and gas production. The near-complete halt of maritime traffic through the Strait of Hormuz—a strategic waterway in the Persian Gulf connecting to the Gulf of Oman and vital for global petroleum transit—created a supply gap that the company moved quickly to fill.
Q2 20256.5
Q2 202611.5
Context: a tense oil market
Brent—the type of crude oil used as an international benchmark for price-setting—fluctuated between $75 and over $100 per barrel from April through June 2026. A year earlier, it had traded in the $60–70 range.
In June 2026, the United States and Iran signed a memorandum of understanding. Oil prices dipped temporarily in response, but hostilities resumed and prices climbed again.
On the morning of July 22, 2026 (London time), Brent was rising 3.3% to approximately $94.30 per barrel. The US military had just launched its 11th consecutive night of strikes on Iran, targeting aircraft hangars and drone storage facilities.
Yemen's Houthis—a Zaydi Shia Islamist organisation with an armed wing, designated as terrorist by many nations and aligned with Iran—announced on July 22, 2026 a naval blockade against Saudi Arabia. The kingdom depends on a pipeline to the Red Sea to export millions of barrels, as the Strait of Hormuz passage remains restricted.
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