Saudi Aramco’s earnings soar as geopolitical tensions and supply fears drive oil prices above $100 per barrel.
Saudi Aramco reported a 44% year-over-year increase in second-quarter net profit, reaching $32.69 billion. The surge follows higher oil prices driven by the US-Iran conflict and disruptions in the Strait of Hormuz, a critical chokepoint for global oil trade.
The company maintained export capacity via its East-West Pipeline, avoiding major supply bottlenecks. Comparable earnings from Western majors like Chevron, ExxonMobil, and Shell also hit multi-year highs, reflecting broad industry gains amid tight supply conditions.
Oil prices briefly exceeded $100 per barrel as traders priced in risks to Middle East supply routes. The profit surge has drawn political scrutiny, with criticism from global leaders over record energy sector earnings.