Aramco Defies Hormuz Crisis with 44% Profit Surge

Saudi Aramco, the world's top oil exporter, reported a significant increase in second-quarter net profit on Tuesday. The company posted a net profit of $32.69 billion, up 44% from the same period last year.

The jump in profits was largely driven by higher prices for crude oil, refined products, and chemicals. Aramco's CEO, Amin Nasser, attributed the success to the company's ability to maintain business continuity despite supply disruptions through the Strait of Hormuz.

Aramco had to reroute shipments to avoid the war-hit waterway, but managed to maintain a supply reliability rate of 98.4% during the quarter. The company has been using its East-West Pipeline to export oil to the Red Sea port of Yanbu since the US-Israeli war with Iran triggered the biggest disruption in energy markets.

However, Aramco's alternative route and Saudi export terminals on the Red Sea have now come under threat from Iran-aligned Houthi forces' blockade. This has pushed oil prices higher, further increasing profits for the company.