Aramco profit jumps 44% as war lifts oil prices

Saudi Aramco reported a 44% rise in second-quarter net profit on Tuesday as higher energy prices during the Middle East war lifted results at the world's biggest oil exporter.

The Saudi company said net income for April to June was 122.6 billion Saudi riyals, or $32.7 billion, up from 85 billion riyals a year earlier. Adjusted net income was 125.1 billion riyals.

Aramco said regional uncertainty had led to higher hydrocarbon prices, lower volumes sold and improved refining margins compared with the previous quarter.

Amin H. Nasser, Aramco's president and chief executive, said the company had maintained business continuity despite supply disruption through the Strait of Hormuz. He cited Aramco's East-West Pipeline, storage capacity and export terminals.

The company reported the results amid disruption to Gulf energy shipments, including Iran's blockade of the Strait of Hormuz and Houthi attacks on Saudi ships in the Red Sea. During a call with journalists, Nasser said strikes targeting Saudi Arabia in July had “no material impact on our capabilities”.

US President Donald Trump complained on Monday that oil companies were making “too much money” because of shortages linked to the war and said they should cut consumer prices.

Aramco remains the flagship company of the Saudi economy, even as Riyadh seeks to diversify through Crown Prince Mohammed bin Salman's Vision 2030 reforms.