Oil giant Aramco’s profits soar 44% as war boosts prices

Saudi Aramco reported a 44% increase in net profits to 122.6 billion Saudi riyals ($42 billion) in the second quarter of 2026, following the escalation of the Middle East war which drove energy prices to record highs, according to a statement released on August 4th. This comes despite the ongoing blockade of the Strait of Hormuz and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels.

Aramco's CEO, Amin H. Nasser, attributed the strong performance to the company's "diverse asset base and multi-decade planning, including strategic infrastructure such as the East-West Pipeline, storage capacity and export terminals". The company's adjusted net income was 125.1 billion Saudi riyals when excluding exceptional items.

Aramco's quarterly earnings surpassed analysts' median consensus forecast of 116.9 billion riyals. This surge in profits coincides with growing criticism from US President Donald Trump who accused oil companies of profiting excessively from the war. Saudi oil output, which had dropped from 10.1 million barrels a day in January to 6 mbpd in April, rebounded to 7.1 mbpd by June.

The company's ongoing regional uncertainty resulted in higher crude prices and lower volumes sold, along with improved refining margins compared to the previous quarter. Aramco's CEO emphasized that recent strikes in July had "no material impact on our capabilities". Despite the geopolitical challenges, Aramco remains the cornerstone of the Saudi economy and one of the largest firms globally by market capitalization.