Saudi Aramco Profits Surge 25% on Middle East Oil Crisis

Saudi Aramco reported a 25-26% year-on-year increase in first quarter 2026 profits, with adjusted net income reaching $33.6 billion, as the company benefited from soaring oil prices driven by the Middle East war and Iran's blockade of the strategic Strait of Hormuz. The results beat analyst forecasts of $31.2 billion and marked the company's first quarterly profit increase after 12 consecutive quarters of decline. The world's largest oil exporter credited the surge to higher crude oil prices and increased sales volumes in what CEO Amin H. Nasser called a demonstration of "resilience and operational flexibility in a complex geopolitical environment." The company revealed that its East-West Pipeline, connecting Gulf oil fields to Red Sea export terminals, reached its maximum capacity of 7 million barrels per day during the quarter, enabling Saudi Arabia to continue crude shipments despite the closure of the Strait of Hormuz. Iran's blockade of the waterway, through which roughly 20% of the world's oil needs are typically transported, has resulted in the loss of nearly a billion barrels of oil, with the shortage worsening daily. Brent crude prices rose 95% over the first quarter and hit $101.29 per barrel, up 67% year-to-date. Saudi Aramco's board approved a $21.9 billion dividend for the quarter, representing a 3.5% increase year-on-year, while other major energy firms including TotalEnergies and Shell also reported significant profit increases from the global energy crisis. Saudi Aramco earnings report 2026 Q1: Net income soars 25% on oil price surge - CNBC. (2026). https://www.cnbc.com/2026/05/03/saudi-aramco-earnings-q1-2026.html