Donald Trump put Norway in an uncomfortable spot when he accused the country of profiting from the Iran conflict, calling it a "war profiteer" that sells North Sea oil at inflated prices. European allies have joined the criticism, with one EU minister directly accusing Norway of profiting from Ukraine's suffering.

Norway earned approximately $140bn more in 2022 and 2023 from petroleum following Russia's invasion of Ukraine than it did in 2021. Analyst Robert Næss forecasts at least an additional $8bn from the Iran conflict. The country's sovereign wealth fund, the world's largest at $2.2tn, grows with each geopolitical disruption.

Norway was initially a laggard in supporting Kyiv relative to its economic size, behind the Baltic states and Sweden. It has since caught up but still trails Estonia and Lithuania in aid as a percentage of GDP. Finance Minister Jens Stoltenberg argues the fund's stock holdings can decline during global instability, offsetting petroleum gains. Swedish MEP Karin Karlsbro counters that Norway "has a responsibility" to take a leading support role given its dramatic revenue increases.