Key points:
- Oil, refining and chemicals prices boosted earnings.
- Hormuz disruption continues to threaten global energy supplies.
- Aramco rerouted exports through its East-West Pipeline.
ISLAMABAD: Saudi Aramco, the world’s largest oil exporter, reported a 44% year-on-year jump in second-quarter net profit on Tuesday, benefiting from higher energy prices after the war in the Middle East disrupted global oil supplies.
Net income rose to $32.69 billion in the three months through June from $22.67 billion a year earlier, according to the company’s results reported by Reuters and AFP. Adjusted net income, excluding exceptional items, reached about $33.4 billion, exceeding the median analyst estimate of roughly $31.2 billion.
Our 2026 second-quarter and half-year financial results reflect our operational resilience and our business agility in adapting to regional developments while maintaining the quality of our performance
— aramco (@aramco) August 4, 2026
The earnings surge came as crude oil, refined products and chemicals fetched higher prices amid severe disruption to energy flows through the Strait of Hormuz, a critical route for global oil shipments.
Aramco maintains supply continuity
Aramco Chief Executive Amin Nasser said the company maintained business continuity despite what he described as an unprecedented supply disruption, citing its diversified assets, storage capacity, export terminals and East-West Pipeline.
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The company maintained a supply reliability rate of 98.4 per cent during the quarter and increased shipments via the East-West Pipeline to the Red Sea port of Yanbu, bypassing the Strait of Hormuz for part of its exports.
The conflict has nevertheless inflicted a major shock on global energy markets. Nasser said more than 2.6 billion barrels of oil destined for industries including agriculture, chemicals, manufacturing, automotive and semiconductor production had been lost from global supplies.
He warned that even if the Strait of Hormuz reopened immediately, replenishing depleted global inventories could take up to 18 months at an average rate of 2.1 million barrels per day.
The disruption has also spread to the Red Sea, with Yemen’s Houthi forces threatening Saudi oil infrastructure and shipping. Aramco said the broader geopolitical uncertainty had contributed to higher hydrocarbon prices, lower volumes sold and improved refining margins compared with the previous quarter.
Saudi oil production fell sharply in the early stages of the conflict before recovering to about 7.1 million barrels per day in June, according to Jadwa Investment, cited by AFP.
Aramco’s stronger earnings come as Saudi Arabia seeks to diversify its economy under Vision 2030, reducing its reliance on hydrocarbons. Despite those efforts, the company remains a central pillar of the Saudi economy and a major source of state revenue.
The latest results also highlight how the conflict has created sharply contrasting effects across the global economy: oil producers have benefited from higher prices, whereas consumers and energy-intensive industries face increased costs and supply uncertainty.
