Saudi Aramco Profits Soar as Iran Conflict Drives Oil Prices Higher

Saudi Aramco's second-quarter profits surged by 33% to $33.4 billion, driven by higher energy prices caused by the ongoing conflict between the US and Iran.

The state-owned oil giant bypassed the Strait of Hormuz via its pipeline, allowing it to maintain operations despite the regional tensions.

Brent, the international benchmark for crude oil, reached over $100 per barrel in May and July due to the war, resulting in significant price increases for refined products such as diesel, jet fuel, and gasoline.