Saudi Aramco, the world’s largest oil company, reported a 25 percent jump in first-quarter profits, surpassing analysts’ expectations. The increase follows a war-induced rise in the prices of oil and refined fuels.
The profit growth occurred as the Iran war disrupted global oil supplies and pushed prices higher. To mitigate the energy shock, Aramco shifted some exports away from the Strait of Hormuz via its East-West Pipeline, which is now operating at full capacity.
Aramco President and CEO Amin Nasser said that recent events are a stark reminder that reliable energy supply is critical.