Norway's state-owned oil company, Equinor, saw its profits nearly double to $11.5 billion in the second quarter of 2024, driven by rising global oil and gas prices linked to the ongoing conflict involving Iran. The increase was partly due to Equinor raising production at the onset of the conflict, capitalizing on reduced supply from the Gulf region after shipping through the Strait of Hormuz slowed significantly. Oil prices fluctuated between $75 and over $100 per barrel during April to June, compared to $60–$70 in the same period last year. Despite a temporary dip in prices following a recent agreement between the U.S. and Iran, prices have risen again due to renewed hostilities and additional supply risks, such as Yemen's Houthi group imposing a naval blockade on Saudi Arabia.
Bias read (Center): The article presents factual information about Equinor's profit growth tied to geopolitical tensions and oil price fluctuations. It includes quotes from Equinor's CEO and external analysts without overtly favoring any political perspective. The framing remains neutral, focusing on economic outcomes,
