Aramco Profits Soar 44% as War Boosts Energy Prices

Saudi Aramco reported a significant surge in profits, up 44% to $32.7 billion from April to June. This increase was largely due to the ongoing Middle East war, which has driven up energy prices.

The company's net income of 122.6 billion Saudi riyals for the quarter came despite Iran's blockade of the Strait of Hormuz and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels.

Aramco president and CEO Amin H. Nasser said that the company continued to demonstrate its ability to maintain business continuity, citing its 'diverse asset base' and 'multi-decade planning'. He pointed to the East-West Pipeline as an example of this strategic infrastructure.

The US President Donald Trump criticized oil companies for making 'too much money' due to the war, but Aramco's announcement coincided with the company's ability to re-route oil via its massive East-West pipeline, which has allowed it to maintain exports despite regional uncertainty.