Saudi Aramco Profits Jump 33% Amid US-Iran Conflict

The state-owned oil company Saudi Aramco reported a 33% year-on-year increase in second-quarter adjusted net income, totaling 125.2 billion Saudi riyal ($33.4 billion). The profit surge exceeded analyst expectations and was driven by higher prices for crude oil, refined products, and chemicals. These price increases resulted from a five-month conflict between the United States and Iran that disrupted shipping through the Strait of Hormuz.

To maintain exports at a maximum capacity of 7 million barrels per day, Saudi Aramco used its East-West pipeline to bypass the Strait. Amin H. Nasser, the company's president and CEO, credited strategic infrastructure and multi-decade planning for sustaining production and exports despite the regional environment.

U.S. President Donald Trump criticized American oil companies for generating excessive profits from the supply shortage. He specifically targeted Exxon Mobil, which saw second-quarter profits more than double to $14.5 billion, and Chevron, whose earnings rose nearly 400% to $12 billion.