Aramco’s Q2 profit jumps 33% as Iran war boosts oil prices

Adjusted net income climbed to $33.4 billion, up from $25.2 billion a year earlier.

Brent crude averaged nearly $97 a barrel during the quarter, after the closure of Hormuz triggered the largest oil supply disruption on record. Aramco met the moment by rerouting most of its exports through the Red Sea instead, a shift that helped drive the windfall.

Also Read: Oil steadies as Trump frames Iran talks as last chance before Hormuz reopens

Refined products added to the gains. Prices for diesel and jet fuel surged and frequently outpaced crude itself, holding firm even after Brent slipped back below $75 a barrel following an interim US-Iran peace deal. Aramco, which runs refineries along Saudi Arabia’s Red Sea coast, has said it is maximising fuel exports to capture these wider margins.

Yemen’s Houthi group has threatened to target tankers using the Red Sea route, opening a new front in the conflict and putting millions of barrels of Saudi crude and refined products in the firing line. Analysts have warned that a severe or prolonged disruption there would rattle markets further, with Hormuz traffic already choked off.

Fighting resumed after a June truce collapsed and later spread to the Red Sea, even as US President Donald Trump swung between threats of escalation and diplomatic outreach; on Monday, he called off a strike he said would have been the largest since the Second World War.

Also read: Strait of Hormuz closure causing 100 million-barrel weekly oil loss: Aramco

Shipping has reduced in the Strait of Hormuz, which earlier carried around a fifth of the world’s crude oil and LNG. The UK Maritime Trade Operations reported that a cargo vessel near Al Khasab, Oman, was struck by an unidentified projectile on Monday.

Even so, Saudi Arabia’s Red Sea port of Yanbu recorded its busiest day since Houthi threats first disrupted regional shipping, as more vessels crossed the Bab el-Mandeb chokepoint with transponders switched off.

Saudi crude exports had earlier dipped in July as Gulf and Red Sea risks weighed on the kingdom’s shipments.