Aramco Soars as Iran War Squeezes Oil Supply, Boosting Profits

Saudi Aramco's second-quarter profits surged past analyst expectations, reaching $33.4 billion in adjusted net income. This beats forecasts of $31.59 billion and is a significant increase from previous quarters.

The company's ability to maintain exports at a maximum capacity of 7 million barrels per day during the Strait of Hormuz disruption has been key to its success. Aramco President and CEO Amin H. Nasser stated that the company 'continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning.'

Aramco's cash flow from operating activities came in at $25.4 billion, while its gearing ratio was 6.2% at the end of June, up from 4.8% at the end of the first quarter.