Saudi Aramco reported a 33% year-on-year increase in second-quarter adjusted net income to 125.2 billion Saudi riyals ($33.4 billion), beating analyst expectations, as higher oil prices during the U.S.-Iran conflict boosted earnings.
The company said disruptions in the Strait of Hormuz prompted it to rely on its 1,200-kilometer East-West pipeline to the Red Sea, allowing exports to continue at up to 7 million barrels per day.
Aramco President and CEO Amin H. Nasser said the company's infrastructure, storage capacity and export terminals helped maintain production despite regional instability.
Nasser warned that global energy markets continue to face severe supply disruptions and said replenishing depleted inventories could take up to 18 months even if the Strait of Hormuz reopens immediately.
Separately, President Donald Trump criticized U.S. oil giants Exxon Mobil and Chevron, saying they were making "too much money" from higher fuel prices during the conflict.
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Saudi Aramco on Tuesday reported a jump in second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling Middle East conflict.
— CNBC (@CNBC) August 4, 2026
The world’s largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion)… pic.twitter.com/eSI5tXbAVN
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