Aramco Profit Soars 33% as Iran War Fuels Oil Prices

Saudi Aramco's second-quarter profit surged 33% to $33.4 billion, driven by high oil prices and steady exports via a pipeline bypassing the Strait of Hormuz.

The state energy giant benefited from Brent crude averaging nearly $97 a barrel during the quarter, following the closure of Hormuz, which triggered the largest oil supply disruption on record.

Aramco met the challenge by rerouting most of its exports through the Red Sea instead, a shift that helped drive the windfall. Refined products added to the gains, with prices for diesel and jet fuel surging and frequently outpacing crude itself.