Aramco Profits Soar Amidst Middle East Conflict

Saudi Aramco reported a significant increase in its second-quarter profits, beating analyst expectations and benefiting from higher oil prices amidst the ongoing Middle East conflict.

The world's largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) over the April to June period, up 33% year-on-year.

Aramco's profits have been boosted by its ability to maintain exports at a maximum capacity of 7 million barrels per day through its East-West pipeline, which bypasses the Strait of Hormuz.

However, Aramco's CEO Amin H. Nasser warned that even if the Strait of Hormuz were to reopen today, it would take up to 18 months at an average rate of 2.1 million barrels per day to replace depleted inventories.