BUSINESSMIDDLE EAST EYE
Saudi Aramco reports bumper profits as it bypasses Strait of Hormuz
Saudi Aramco's adjusted net income rose 33% to $33.4 billion in Q2 2024, driven by the US-Israeli war on Iran that inflated energy prices and its pipeline bypassing the Strait of Hormuz. The conflict led to higher Brent prices above $100 per barrel and disrupted shipments in Iraq, Kuwait, Bahrain, and Qatar.
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