War drives record quarter for Saudi oil giant

Saudi oil giant Aramco announced Tuesday a 44% surge in net profit for the second quarter compared to the same period last year, driven by soaring crude prices amid the war in the Middle East.

Aramco, the crown jewel of the Saudi economy and one of the world's most valuable companies, said in a statement that net profit reached 122.6 billion Saudi riyals ($32.7 billion) in the second quarter of 2026, up from 85 billion riyals ($22.67 billion) in the same period last year.

The results came as the war against Iran, launched in late February by the US and Israel, has severely disrupted global oil supply and sent prices soaring. 

Oil markets remain heavily strained by Tehran's blockade of the Strait of Hormuz, the main transit corridor for roughly a fifth of the world's hydrocarbons, compounded by renewed fighting in July and attacks by Yemen's Iran-backed Houthi rebels on Saudi vessels in the Red Sea.

"Despite unprecedented disruptions to supply through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity," said Aramco CEO Amin H. Nasser, crediting the "diversity of our assets and decades of planning," including strategic infrastructure such as the East-West pipeline, storage capacity and export terminals.

"Too much money"

Aramco's results coincide with pointed criticism from Donald Trump, who accused US oil companies Monday of making "too much money" and called on them to lower prices, after ExxonMobil and Chevron reported soaring profits Friday, also fueled by the Middle East war. "I don't like it. They're making too much money. Taking advantage of the shortages, they're making too much money," Trump told reporters at the White House.

Saudi Arabia's economy has been buoyed by its ability to reroute oil exports via its vast East-West pipeline, which carries millions of barrels a day to Red Sea export terminals, bypassing the Strait of Hormuz entirely. "Persistent uncertainty in the region translated into higher hydrocarbon prices, lower sales volumes and improved refining margins compared to the previous quarter," Aramco said.

According to Saudi think tank Jadwa, the kingdom's oil production fell from 10.1 million barrels per day in January to 6 million in early April, before recovering to 7.1 million in June.

Last month, the Houthis announced a naval blockade against Saudi Arabia, which backs the Yemeni government, striking Saudi tankers in the Red Sea and raising questions over the kingdom's ability to keep shipping large volumes of crude to international markets. The Houthis have also claimed several attacks on Saudi energy facilities, while Riyadh has accused Iran-backed Iraqi militias of targeting its oil infrastructure as well.

In a press call with journalists Tuesday, Aramco's CEO said strikes that hit Saudi Arabia in July had no "significant impact" on the production capacity of the world's top crude exporter. The Gulf, rich in oil and gas, remains a target of Iranian attacks in retaliation for ongoing US strikes.