Aramco posts 44 percent rise in net profit as Iran war drives up oil prices
The company has ramped up exports through the East-West Pipeline to the Red Sea port of Yanbu since the US-Israeli war with Iran
August 04, 2026 06:04
DUBAI: Saudi oil giant Aramco reported a 44 percent increase in second-quarter net profit on Tuesday, as it reaped higher prices for crude oil, refined products and chemicals while forced to reroute shipments to avoid the war-hit Strait of Hormuz.The world’s top oil exporter posted net profit of $32.69 billion in the three months ended June 30, compared with $22.67 billion a year earlier.“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning,” CEO Amin Nasser said, citing the East-West Pipeline, Aramco’s storage capacity and its export terminals.Aramco said it maintained a supply reliability rate of 98.4 percent during the quarter despite continued geopolitical uncertainty in the region.The company has ramped up exports through the East-West Pipeline to the Red Sea port of Yanbu since the US-Israeli war with Iran triggered the biggest disruption in the history of energy markets. Nasser has previously described the route as a critical lifeline.But that alternative route and Saudi export terminals on the Red Sea have now also come under threat. In July, Iran-aligned Houthi forces announced a blockade of Saudi Arabia’s oil industry in the Red Sea, extending the disruption to a second major waterway and pushing oil prices higher.
