Norway's state-owned oil company Equinor reported that its profits nearly doubled to $11.5bn (£8.6bn) in the second quarter of the year, driven by surging oil and gas prices caused by the war against Iran. The company increased production at the start of the conflict, helping to fill a gap in the market after shipping through the strait of Hormuz was largely halted, allowing it to capture the benefits of volatile but elevated Brent crude prices.

Brent crude swung between $75 and over $100 a barrel between April and June, compared with roughly $60 to $70 a year earlier, before easing after a US-Iran memorandum of understanding last month and then rising again as hostilities resumed, reaching about $94.30 a barrel on Wednesday. Equinor's adjusted profit rose from $6.5bn a year earlier and beat analysts' forecast of $11.37bn, with chief executive Anders Opedal citing strong production and cashflow amid geopolitical volatility. Prices rose further after the US carried out its 11th night of strikes on Iran and Houthi forces announced a naval blockade on Saudi Arabia, adding to supply concerns.