Amin Nasser

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.

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.

Saudi Aramco’s second-quarter profit rose 33% due to higher oil prices and strong refining margins, despite lower export volumes caused by disruptions in the Strait of Hormuz and Bab el-Mandeb. The company maintained operations using infrastructure like the East-West pipeline and Red Sea terminals but faces challenges diverting prewar export levels. Aramco plans to expand export capacity to address future disruptions.

Saudi Aramco reported a 44 percent increase in net profits due to rising oil prices linked to the war on Iran. The company's net income rose to 122.6bn Saudi riyals ($32.7bn) for April to June, up from 85bn riyals ($22.7bn) a year earlier. CEO Amin Nasser stated there was no material operational or financial impact from July attacks on Aramco facilities, emphasizing the company's ability to maintain business continuity despite supply disruptions through the Strait of Hormuz.

Saudi Aramco CEO Amin Nasser stated that oil inventories are rapidly depleting due to the Strait of Hormuz closure, and the market won't normalize until 2027 if the disruption persists. The Strait of Hormuz is a critical oil passage. Oil market normalization is contingent upon the resolution of this disruption.