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Aramco posts 44% rise in net profit as Iran war drives up oil prices
The world's top oil exporter posted net profit of $32.69 billion in the three months ended June 30, compared with $22.67 billion a year earlier
- PUBLISHED: Tue 4 Aug 2026, 9:36 PM
Saudi oil major Aramco reported a 44% increase in second-quarter net profit on Tuesday, as it reaped higher prices for crude oil, refined products and chemicals while rerouting shipments away from the war-hit Strait of Hormuz.
However it warned that global oil inventories remain depleted by the disruption.
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The world's top oil exporter posted net profit of $32.69 billion in the three months ended June 30, compared with $22.67 billion a year earlier.
"Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalising on our diverse asset base and multi-decade planning," CEO Amin Nasser said, citing the East-West Pipeline, Aramco's storage capacity and its export terminals.
The disruption came at a significant cost to global supply chains. Nasser said the world had lost more than 2.6 billion barrels of oil destined for industries including agriculture, semiconductors, automotive, chemicals and manufacturing.
Significant long-term impact
Even if the Strait of Hormuz were to reopen immediately, it would take up to 18 months, at an average rate of 2.1 million barrels per day, to replenish depleted inventories, he added.
"As we look ahead to the rest of 2026 and beyond, we remain concerned that the continued disruption via the Strait of Hormuz and the threat to shipping through the Bab el-Mandeb Strait could have a significant long-term impact on the world economy," Nasser said during a call with analysts following the announcement of the results.
The disruption to global supplies could widen after Iran-aligned Houthi forces announced a blockade of Saudi Arabia's oil industry last month, adding pressure to Red Sea shipping and broadening the fallout from the conflict that has already disrupted flows through the Strait of Hormuz.
Aramco said it maintained a supply reliability rate of 98.4% during the quarter despite continued geopolitical uncertainty in the region.
The company has ramped up exports through the East-West Pipeline to the Red Sea port of Yanbu since the U.S.-Israeli war with Iran triggered one of the biggest disruptions in the history of energy markets. Nasser has previously described the route as a critical lifeline.
But that alternative route and Saudi export terminals on the Red Sea have now also come under threat. In July, Houthi forces announced a blockade of Saudi Arabia's oil industry in the Red Sea, extending the disruption to a second major waterway and pushing oil prices higher.