Saudi Aramco has reported a 33% increase in second-quarter profit, driven by a surge in oil prices resulting from the war between Iran and the United States. The company is the latest in a series of energy supermajors to report blowout quarterly profits as the conflict roils global markets.
While elevated crude prices lifted overall earnings, disruptions in the Strait of Hormuz pushed sales volumes lower. To maintain the flow of exports, Saudi Arabia's energy giant utilized pipelines to work around these disruptions.
These bumper profits come as fighting between Iran and the US impeded petroleum shipments. Consequently, consumers around the world have paid more for fuel and confronted shortages.