Aramco Profits Soar 44% Amid US-Iran War Fuelled Oil Prices

Saudi Aramco's net profits jumped by 44% in the second quarter of 2026, driven by higher oil prices resulting from the ongoing US-Iran war. The company reported a net income of 122.6 billion Saudi riyals ($32.7 billion) for the period from April to June, up from 85 billion riyals in the same period last year.

Aramco's president and CEO Amin H. Nasser cited the company's 'diverse asset base' and multi-decade planning as key factors in maintaining business continuity despite disruptions caused by the war.

The US-Iran conflict has led to a surge in crude prices, with Aramco benefiting from this trend. However, not everyone is pleased with the profits being made by oil companies during this time, including US President Donald Trump, who stated that 'they're making too much money' due to the shortage.

Saudi Arabia's ability to re-route oil via its East-West pipeline has helped maintain its exports despite the regional uncertainty. Aramco's announcement coincided with a report from Jadwa, a Riyadh-based think tank, which noted that Saudi oil output dropped in January but recovered by June.