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Aramco Q2 2026 Net Profit Surges 44% on Rising Oil Prices Amid Middle East Tensions
Saudi Arabian Oil Company (Saudi Aramco) announced a 44 % jump in Q2 2026 net profit, reaching 122.6 billion riyals (about $32.7 billion) thanks to higher crude, refined‑product and petrochemical sales despite disruptions in the Strait of Hormuz. The result comes amid escalating Middle‑East conflict, with Iran’s blockade of Hormuz and a Houthi maritime lockdown in the Red Sea adding supply risk. CEO Amin H. Nasser highlighted the firm’s diversified infrastructure—especially the East‑West pipeline, strategic storage and Red Sea export terminals—as key to sustaining deliveries and cushioning the short‑term impact of geopolitical turbulence.
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Key figures
Saudi Arabian Oil Company (Saudi Aramco) reported a net profit of 122.6 billion Saudi riyals (≈ $32.7 billion) for the second quarter of 2026, a 44 % increase over the 85 billion riyals (≈ $22.7 billion) earned in the same period last year.
Drivers of the profit jump
The uplift stemmed from higher volumes and higher realised prices for crude oil, refined products and petro‑chemicals. Despite the disruption of oil flows through the Strait of Hormuz, Aramco’s diversified asset base – including the East‑West pipeline, strategic storage facilities and Red Sea export terminals – allowed the company to keep delivering millions of barrels of crude each day.
Geopolitical backdrop
The surge comes as the conflict in the Middle East intensifies. After the United States and Israel launched a campaign against Iran in late February, Tehran retaliated by closing the Strait of Hormuz, a waterway that carries roughly 20 % of global hydrocarbon trade. The abrupt supply cut forced oil prices higher. In July, Iran‑backed Houthi forces in Yemen announced a maritime blockade in the Red Sea, adding further risk to regional shipping routes.
Operational outlook
Aramco expects a short‑term dip in the volume of barrels shipped through Hormuz and higher navigation risk in the Red Sea, which could compress output in the coming weeks. Nevertheless, the company highlighted its long‑term planning and infrastructure resilience as a buffer against such shocks.
Quote from CEO Amin H. Nasser: “Even with unprecedented supply interruptions in the Hormuz corridor, we have demonstrated the ability to maintain operational continuity thanks to our diversified assets and decades‑long planning, including the East‑West pipeline, storage capacity and export terminals.”