Aramco Rides Higher Oil Prices to Record Q2 Profits

Saudi Aramco's profits have soared in the second quarter, thanks to higher oil prices and a strategic move that bypassed the Strait of Hormuz amid the escalating Middle East conflict.

The world's largest oil company reported adjusted net income of 125.2 billion Saudi riyals ($33.4 billion) over April to June, beating analyst expectations of $31.59 billion.

Aramco President and CEO Amin H. Nasser said the company 'demonstrated our ability to maintain business continuity' by utilizing its East-West pipeline to maintain exports at a maximum capacity of 7 million barrels per day.