Saudi Aramco's profits soar 44 percent as war boosts oil prices

Saudi Aramco's profits soar 44 percent as war boosts oil prices Oil company Saudi Aramco reported a 44 percent surge in net profits on Tuesday, as the war on Iran sent oil prices soaring. Its net income of 122.6bn Saudi riyals ($32.7bn) from April to June was up from 85bn riyals ($22.7bn) a year prior, a quarterly statement said. Aramco CEO Amin Nasser said there has been no material impact operationally or financially from the targeting of Aramco's facilities earlier in July. "Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity," he said.