Saudi Aramco reports bumper profits as it bypasses Strait of Hormuz

Saudi Aramco reported a 33% surge in profits for Q2 2026, driven by elevated energy prices due to the US-Israeli war on Iran and its ability to bypass the Strait of Hormuz via the East-West Pipeline. The pipeline enabled Saudi Arabia to maintain two-thirds of its pre-war oil exports while other Gulf states reduced shipments. The conflict has spurred regional efforts to develop alternative infrastructure to avoid Hormuz.