What caused Equinor's profits to nearly double to $11.5bn in Q2 2024?

Equinor's profits nearly doubled to $11.5bn in the April–June 2024 period due to higher oil and gas prices triggered by the US-Israel war on Iran, which disrupted shipping through the Strait of Hormuz and reduced Gulf oil flows; the company also increased production at the start of the conflict to fill the resulting market gap, and benefited from Brent crude prices swinging between $75 and over $100 a barrel — up sharply from $60–$70 in the same period last year.

Why is the Rosebank oilfield controversial in the UK, according to climate group Uplift?

According to Uplift, the Rosebank oilfield is controversial because it would not lower UK energy bills — as it is 'overwhelmingly oil for export' — but would instead boost profits for Equinor and its part-owner, the Norwegian government; the group urges the UK prime minister to reject Rosebank and prioritize affordable energy and climate safety by scaling up renewable energy instead.

Equinor Profits Double to $11.5bn Amid Iran Conflict

Jul 22, 2026

Norway's Equinor reported doubled profits of $11.5bn in Q2, driven by rising oil and gas prices amidst geopolitical tensions with Iran. Higher production volumes allowed the company to capitalize on Brent crude trading above $90 per barrel.

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