Oil giant Saudi Aramco profits jump 25% as Iran war drives prices higher

Published on 11/05/2026 - 10:58 GMT+2 Saudi Aramco, the world's largest oil exporter, reported a 25% rise in first-quarter profit on Sunday, posting net income of $32.5bn (€27.6bn) for the three months up to 31 March, beating market estimates. ADVERTISEMENT ADVERTISEMENT The company said the increase was mainly driven by higher revenue and sales-related income, as well as lower operating costs. Its board also approved a quarterly dividend of $21.9bn (€18.6bn). Revenue rose partly because of higher crude oil and fuel prices, although this was partly offset by lower sales volumes of crude oil and refined and chemical products. Brent crude, the international benchmark, traded above $103 a barrel on Monday morning. While below the peak of more than $126 reached during the conflict, prices remain significantly higher than the roughly $70 per barrel seen in late February before the fighting began. The Iran war has disrupted global oil supplies passing through the Strait of Hormuz, one of the world's most important shipping routes for energy exports. Before the war, around 20% of globally traded oil flowed through the strait each day, alongside large volumes of natural gas, fertiliser and other petroleum products. Iran effectively took control of the waterway after the US and Israel launched attacks on 28 February, while a US naval blockade imposed last month further complicated shipping through the area. The disruption caused sharp swings in oil prices during the quarter. In response, Aramco redirected some exports through its East-West Pipeline, allowing shipments to continue via Saudi Arabia's west coast, while also relying on its domestic and international storage network to maintain supplies. The pipeline is currently operating at its maximum capacity of 7 million barrels per day. By comparison, Aramco produced 11.1 million barrels of oil per day in the fourth quarter of 2025. Aramco President and CEO Amin Nasser said the pipeline was "helping to mitigate the impact of a global energy shock and providing relief to customers". The company said the disruption stemming from the Iran war did not significantly affect its finances or operations. "Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical," Nasser said in a statement. "Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption," Nasser added.