$11.5 Billion Windfall: Equinor Rides Iran Conflict Oil Price Surge

Norway's state-controlled Equinor reported adjusted operating income of $11.48B (£8.6B) for the second quarter, nearly double the $6.54B (£4.9B) it made a year earlier.

The war against Iran pushed oil and gas prices sharply higher, contributing to Equinor's windfall. The company beat expectations with a net operating income more than double to $12.99B (£9.7B), while net income reached $4.84B (£3.6B).

The results were driven primarily by higher liquids prices globally and European gas prices, partly offset by weaker US gas.

Equinor's shares in Oslo rose about 2% on the day, and the company declared a second-quarter dividend of $0.39 (£0.29) a share.