Aramco Profits Soar as War Drives Up Energy Prices

Oil giant Saudi Aramco has reported a significant surge in profits due to the ongoing war in the Middle East, which has boosted energy prices. The company's net income rose by 44% to 122.6 billion Saudi riyals (S$41.97 billion) from April to June, compared to the same period last year.

Aramco's president and chief executive officer Amin H. Nasser attributed the profits to the company's 'diverse asset base and multi-decade planning', including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals.

The company's announcement coincided with US President Donald Trump's complaint that oil companies are making 'too much money' due to the war. Trump stated that high gasoline prices are a key political issue ahead of November's mid-term elections.