Saudi Aramco Profits Soar as War Drives Oil Prices Higher

Saudi Aramco's net profits have surged by 44 percent in the latest quarter, thanks to rising oil prices driven by the war on Iran. The company's quarterly statement showed a net income of 122.6bn Saudi riyals ($32.7bn) from April to June, up from 85bn riyals ($22.7bn) during the same period last year.

Aramco CEO Amin Nasser said there has been no material impact operationally or financially from the targeting of Aramco's facilities earlier in July.

Despite the disruption to oil supplies through the Strait of Hormuz, Saudi Aramco maintained its business continuity. The company continued to demonstrate its resilience in the face of global tensions and supply chain disruptions.