Saudi Aramco Cashes In on Middle Eastern Conflict

Saudi Aramco reported a 33% surge in profits to $33.4 billion for the second quarter of this year, as the kingdom benefited from the US-Israeli war on Iran, which drove up energy prices.

The state-owned Saudi Arabian oil giant's adjusted net income rose significantly due to the ongoing conflict, which has kept energy prices inflated. The East-West Pipeline allowed Saudi Aramco to bypass the Strait of Hormuz and maintain business continuity.

Experts say that tens of billions of dollars will be spent on new infrastructure in the coming years to get around the Strait of Hormuz, with other Middle Eastern states looking to follow suit. The UAE is building a second pipeline to the port of Fujairah, doubling its export capacity by 2027.