Petrobras Posts Record Profit on Middle East Conflict-Driven Oil Price Surge

Petrobras, Brazil's state-run oil firm, reported a 96% rise in second-quarter net profit to 52.4 billion reais, its third-highest result ever. The boost was due to surging oil prices caused by the U.S.-Iran conflict.

The company's earnings exceeded market expectations of 44.7 billion reais, with adjusted earnings before interest, taxes, depreciation and amortisation growing 79.6% year over year to 93.8 billion reais, beating analysts' estimates of 90.1 billion reais.

However, Petrobras' results were impacted by Brazil's government keeping fuel prices low after the closure of the Strait of Hormuz sent fuel prices up in the country. The firm paid around 4.9 billion reais to the government due to a 12% export tax on crude oil and diesel.