cnbc_topnews

Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply

📰 source: cnbc_topnews · 💼 business

saudi aramco reported second-quarter profit jumped 33% to 125.2 billion riyal ($33.4 billion), beating analyst expectations of $31.59 billion. the world's largest oil company benefited from higher crude and refined product prices as the iran war disrupted supply through the strait of hormuz.

cash flow from operating activities hit $25.4 billion in the quarter. gearing ratio rose to 6.2% from 4.8% at the end of june. aramco used its 1,200-kilometer east-west pipeline to the red sea to bypass hormuz and maintain exports at 7 million barrels per day. ceo amin nasser said the company kept production and exports going despite the challenging regional environment. the board set a base dividend of $21.9 billion for the next three months.

stateside, president donald trump criticized exxon mobil and chevron for making "too much money" on higher fuel prices. exxon's second-quarter profit more than doubled to $14.5 billion, while chevron's soared to $12 billion from $2.5 billion a year earlier.

why it matters: aramco's profit surge shows middle east conflict is boosting oil producers while straining supply routes like hormuz.

source: cnbc_topnews
sentiment: +0.70 · impact: 0.90

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'I lost $14,000 in a month': Investors hit by Korean stock market's wild swings

These charts show why stocks keep rallying. Profit margins are the highest on record

Workday shares post best day in 10 years on Silver Lake takeover report

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