When missiles fly over Ukraine and tensions flare in the Middle East, the only sound in Oslo vaults is the sound of money adding up at breakneck speed.

While the world trembles with uncertainty, Norway is profiting quite a bit from the war in Iran and Ukraine. An unprecedented increase in oil and gas revenues is turning this peaceful nation into the biggest geopolitical profiteer of the 21st century.

After huge gas profits, Norway is now raking in billions from oil because of the Hormuz crisis. The Scandinavian state, which became a protagonist by expanding its markets after the Russian invasion, is among the countries that have reaped the biggest tangible benefits from the ongoing ‘storm’ of the third Gulf War.

Although Oslo has kept a careful diplomatic distance, the economic figures speak for themselves. While the war in Ukraine boosted gas forecasts, the Oil Price portal points out that it was oil that experienced a real boom in March, a month dominated by the conflict between the United States and Israel on the one hand and Iran on the other.

Europe’s strained effort to diversify from uncertain Middle Eastern oil, trapped in the Persian Gulf, has been directly reflected in the Norwegian budget.

The country generated revenue of fifty-seven point four billion kroner (about five billion two hundred billion euros) in March alone, an impressive increase of sixty-eight percent compared to the same period last year.

Gas revenue increased by nineteen percent, or sixty-nine billion kroner, approaching historical records at the start of the conflict in Ukraine.

In January 2025, Le Monde reported that revenue of the Norwegian energy sector, from February 2022 to the end of 2024, reached one hundred and seven billion euros.

This transformation turned Oslo into Europe’s leading supplier. Some new calculations estimate this figure as high as one hundred and thirteen billion euros, figures that will increase again after the recent destabilization in the Persian Gulf.

Norway exploits a strategic geographical advantage. Although production in the North Sea is declining, Oslo has invested heavily in the Arctic Barents Sea and the Norwegian Sea.

Today, Europe buys over seventy-one percent of Norwegian gas, covering thirty-three percent of the European Union’s demand. On the oil front, the bloc absorbs ninety-five percent of exports, reaching fifty-six million barrels per day last month.

The bottom line is clear: Norway wins whenever Europe plunges into crisis. This is not Oslo’s “fault”, but a market dynamic where political credibility turns into a profit factor. /tesheshi.com/

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Source: prizrenpost