Saudi Aramco CEO Nasser: Middle East crisis continues to aggravate supply shock

Saudi Aramco's CEO Amin H. Nasser stated that the ongoing Middle East crisis continues to aggravate the biggest supply shock in history. The crisis, which has been ongoing for over five months, has involved hostilities between the US and Iran, and has recently embroiled other countries in the region, including Iraq and Egypt, according to CNBC World.

Saudi Aramco reported a 33% year-on-year increase in second-quarter profit, with adjusted net income of 125.2 billion Saudi riyal ($33.4 billion). The company attributed its ability to maintain business continuity to its diverse asset base and strategic infrastructure, such as the East-West Pipeline, which allowed it to bypass the Strait of Hormuz and maintain exports at a maximum capacity of 7 million barrels per day.

The conflict has had an impact on oil prices, with prices tumbling after US President Donald Trump called off a planned strike on Iran and OPEC+ boosted production for September, as reported by Euronews Business. Trump also announced that fresh talks with Iran would begin, covering the Strait of Hormuz and ultimately, the denuclearisation of Iran, according to Channel News Asia.

Brief written by urgent.news from FXStreet, CNBC World, CNBC, Euronews Business, Channel News Asia — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.