Repsol announced a new share buyback of up to half a billion euros ($571 million) as its earnings surged on higher crude prices. The Spanish energy company reported adjusted net profit of 1.84 billion euros for the second quarter, compared with 598 million euros a year earlier and beating analysts' consensus of 1.63 billion euros.

The profit boost reflects rising oil prices, which generated a positive inventory effect of 823 million euros over the first six months. Repsol has no assets in the Middle East, leaving its production broadly unaffected by the Iran conflict that erupted this year.

"The conflict in Iran has highlighted the importance of security of supply and the essential role of oil and gas in meeting global demand," Chief Executive Josu Jon Imaz said. The buyback adds to a recently completed program of about $400 million.