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Riyadh, Saudi Arabia: Oil giant Saudi Aramco reported a 44 percent surge in net profits on Tuesday after the Middle East war sent energy prices soaring.
Aramco, the world's biggest oil exporter and engine of the Saudi economy, is the latest in a string of energy giants to report bumper profits as the war roils markets.
Its net income of 122.6 billion Saudi riyals ($32.7 billion) from April to June was up from 85 billion riyals a year prior, a quarterly statement said.
Aramco's profits came despite Iran's blockade of the Strait of Hormuz, the key conduit for Gulf oil, and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels.
Crude prices have been volatile throughout the war and were far higher in the second quarter of 2026 compared with a year earlier.
"Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity," Aramco president and CEO Amin H. Nasser said in a statement.
He cited Aramco's "diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity, and export terminals".
Stripping out exceptional items, adjusted net income came in at 125.1 billion Saudi riyals.
The median analyst consensus for second quarter adjusted net income was 116.9 billion riyals -- an external estimate based on 12 forecasts.
'Too much money'
Aramco's announcement coincided with a complaint from US President Donald Trump that oil companies are making "too much money" because of the war.
America's ExxonMobil and Chevron are among the other oil majors that have announced blow-out profits in recent days.
"I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money," said Trump, for whom high gasoline prices are a key political issue ahead of November's mid-term elections.
The Saudi economy has been buoyed by its ability to re-route oil via its massive East-West pipeline, which allows millions of barrels of crude to be delivered daily to export terminals on its Red Sea coastline.
According to Riyadh-based think tank Jadwa, Saudi oil output dropped from 10.1 million barrels per day (mbpd) in January to 6mbpd in early April, recovering to 7.1mbpd in June.
"Ongoing regional uncertainty resulted in higher prices for hydrocarbons and lower volumes sold, as well as improved refining margins, compared to the previous quarter," Aramco said.
