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Aramco posts 44 percent rise in net profit as Iran war drives up oil prices

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-de

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