Aramco Q2 Profit Soars 44% as Middle East Conflict Lifts Oil Prices
Saudi Aramco's Q2 profit surged 44% year-over-year to $32.7 billion, fueled by higher crude prices due to ongoing Middle East conflict. The world's largest oil exporter reported net income of 122.6 billion Saudi riyals for the April-June quarter.
Aramco's earnings were supported by elevated oil prices despite significant disruptions to regional energy supplies, including Iran's blockade of the Strait of Hormuz and attacks on Saudi-linked shipping in the Red Sea by Yemen's Houthi rebels.
Chief Executive Amin H. Nasser said the company maintained business continuity despite the disruption in the Strait of Hormuz, citing its diversified asset base, strategic infrastructure, including the East-West Pipeline, storage facilities, and export terminals.