Aramco Profits Soar as War Drives Energy Prices Higher

Oil giant Aramco reported a significant surge in profits due to the ongoing war in the Middle East, which has sent energy prices soaring. The company's net income rose 44% in the second quarter of this year compared to the same period last year, reaching 122.6 billion Saudi riyals (S$41.97 billion).

The profits came despite disruptions to oil supplies through the Strait of Hormuz and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels. Aramco's president and CEO, Amin H. Nasser, attributed the company's ability to maintain business continuity to its 'diverse asset base' and strategic infrastructure.

The announcement coincided with criticism from US President Donald Trump, who stated that oil companies are making 'too much money' due to the war. Aramco remains a crucial component of Saudi Arabia's economy, and its profits have been bolstered by the country's ability to re-route oil via its massive East-West pipeline.