Aramco Rides US-Iran War Tide to Record Profits

Saudi Arabia's state-backed energy giant Aramco has reported blockbuster profits in the second quarter, thanks to higher crude prices triggered by the US-Iran war. The company's average realised price reached $108 a barrel, up from $67 in the same period last year and significantly higher than the start of 2026.

Aramco's net profit jumped 44 percent year on year to SAR123 billion ($32.7 billion), while revenue rose 19 percent to SAR451 billion compared with a year earlier. However, production fell by almost 30 percent from the previous quarter to 7.6 million barrels per day.

The higher oil prices allowed this to offset the cut to production, and Aramco's CEO Amin Nasser was optimistic about the company's ability to bounce back. He estimated that Aramco could return to pre-conflict levels of production 'within days' and reach maximum potential capacity of 12 million barrels per day 'within three weeks' if required.