Norway’s state-controlled energy major Equinor has warned that global oil and gas markets will remain unstable for months even if the war involving Iran ends immediately, underscoring the prolonged impact of the ongoing energy crisis.
Speaking to Norwegian broadcaster NRK, Equinor President and CEO Anders Opedal said disruptions to global supply chains are likely to persist for “a minimum of six months,” citing logistical bottlenecks and stranded shipping in the Gulf region. The closure and partial disruption of the Strait of Hormuz — a key route for around 20% of global oil flows — has left vessels scattered and delayed, slowing any quick return to normal market conditions.
“Even if there were peace now, it would take time,” Opedal noted, adding that the movement of tankers and restoration of supply routes would be gradual. His assessment aligns with wider industry warnings that the current crisis could trigger one of the most prolonged supply shocks in modern energy history.
The comments came as Equinor reported strong financial results for the first quarter, with net profit rising 18 percent to about $3.1 billion, driven by elevated oil and gas prices amid the conflict. The company also posted robust production levels, benefiting from tight global supply and higher demand for non-Middle Eastern energy sources.
Founded in 1972 and majority-owned by the Norwegian state, Equinor is one of Europe’s largest energy producers, with operations spanning oil, natural gas, and an increasing portfolio in renewable energy. The company has played a key role in supplying gas to Europe, particularly after earlier geopolitical disruptions reshaped global energy flows.
Meanwhile, crude oil prices remain highly volatile. Brent crude — the global benchmark — surged above $100 per barrel during the peak of the conflict and even approached $120 at one stage due to fears of severe supply shortages. However, prices have recently eased slightly, falling below $100 to around the high-$90 range amid tentative signs of diplomatic progress and expectations that shipping routes may reopen.
