Aramco Surges on Conflict-Driven Oil Price Hike

Saudi Aramco, the world's largest oil exporter, reported a 44% year-on-year rise in second-quarter net profit to 122.6 billion Saudi riyals ($32.7 billion). The increase was driven by higher crude prices resulting from the ongoing conflict in the Middle East.

The company's earnings were supported by elevated oil prices despite 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.

Aramco's Chief Executive Amin H. Nasser said the company maintained business continuity despite the disruption in the Strait of Hormuz, citing its diversified asset base and strategic infrastructure.

The earnings announcement came as major global oil companies continued to report strong quarterly results amid higher energy prices, including U.S. oil majors ExxonMobil and Chevron.