Saudi Aramco Reports 26% Leap in Profit Thanks to Higher Oil Prices During the Iran War - Energy and Finance News

Bloomberg, Saudi Aramco has announced a 26% surge in profit for the first quarter of 2026 due to the increase in oil and refined fuel prices resulting from the ongoing war and because the company redirected exports through pipelines crossing the Hormuz Strait. The adjusted net income rose to nearly 126 billion riyals (US$33.6 billion) in that quarter compared to 97.5 billion riyals a year earlier, according to a statement on May 10, 2026. The figure surpasses analysts' expectations of 109 billion riyals. The profits reflect the surge in oil prices in March - when the global Brent benchmark rose more than 43% - following Iran's effective closure of the Strait of Hormuz after US and Israeli attacks. Saudi Arabia, which increased exports before the war began, quickly redirected some shipments to alternative Red Sea ports within days of the conflict's onset.