Aramco Q2 profit jumps 44% on higher oil prices, Hormuz rerouting

❗️Aramco Q2 profit jumps 44% on higher oil prices, Hormuz rerouting Saudi oil giant Aramco reported a 44% rise in second-quarter net profit on Tuesday, benefiting from higher prices for crude oil, refined products and petrochemicals, as well as its ability to reroute shipments away from the Strait of Hormuz. The company, however, cautioned that disruptions have left global oil inventories under strain. The world's largest oil exporter posted net profit of $32.69 billion for the three months ended 30 June, up from $22.67 billion in the same period last year. "Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on ⁠our diverse asset base and multi-decade planning," CEO Amin Nasser said, citing the East-West Pipeline, Aramco's storage capacity and its export terminals. Nasser said the disruption had imposed a heavy toll on global supply chains, adding that more than 2.6 billion barrels of oil intended for sectors such as agriculture, semiconductors, automotive, chemicals and manufacturing had been lost.