Aramco Profit Soars as Oil Prices Rise Amid Geopolitical Tensions

Saudi oil giant Aramco has reported a significant increase in its net profit for the second quarter, driven by higher prices for crude oil and refined products.

The company's net profit rose 44 percent to $32.69 billion in the three months ended June 30, compared to $22.67 billion a year earlier.

Aramco CEO Amin Nasser attributed the increase to the company's ability to maintain business continuity despite supply disruptions caused by the US-Israeli war with Iran.

The conflict has led to a rerouting of shipments through the East-West Pipeline, which has increased exports to the Red Sea port of Yanbu. However, this alternative route and Saudi export terminals on the Red Sea are now also under threat due to an Iranian-aligned Houthi blockade announced in July.