Aramco Profits Soar as War Drives Energy Prices Higher

Oil giant Saudi Aramco reported its net profits soared 44 percent in the second quarter of this year, fueled by the ongoing war that sent energy prices skyrocketing. The company's net income from April to June was 122.6 billion Saudi riyals ($32.7 billion), up from 85 billion riyals a year prior.

Aramco, the world's largest oil exporter and engine of the Saudi economy, cited its diversified asset base and multi-decade planning as key factors in maintaining business continuity despite supply disruptions caused by Iran's blockade of the Strait of Hormuz and attacks on Saudi ships in the Red Sea. The company's CEO, Amin H. Nasser, stated that Aramco 'demonstrated our ability to maintain business continuity' due to its strategic infrastructure.

The surge in profits comes as other oil majors have also reported bumper earnings, with US President Donald Trump complaining that oil companies are making 'too much money'. Aramco's announcement coincided with Trump's comments, who accused oil companies of profiteering from the war. The Saudi economy has been buoyed by its ability to re-route oil via its massive East-West pipeline, which allows millions of barrels of crude to be delivered daily to export terminals on its Red Sea coastline.