Norway’s oil profits rise to $11.5bn

Equinor's profits nearly doubled to $11.5 billion in the second quarter, driven by higher oil and gas prices amid increased geopolitical tensions related to the US-Israel conflict with Iran. The company benefited from ramped-up production and a market gap caused by disruptions in the Strait of Hormuz, with Brent crude prices rising to around $94 per barrel. The ongoing conflict, including US military strikes on Iran, has led to rising energy prices and concerns over supply disruptions.

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