Saudi Aramco reported a $32.5 billion profit for the first quarter, a 25% increase. The state-owned giant attributed the surge to higher crude oil prices.
Supply disruptions from the Iran conflict and the closure of the Strait of Hormuz elevated global prices. In response, CEO Amin Nasser is operating the East-West Pipeline at its maximum capacity of 7 million barrels per day. This strategy bypasses the strait to ensure consistent delivery to customers.
On May 11, Brent crude rose over 3% to exceed $104 per barrel. Prices climbed after the United States and Iran failed to reach a peace agreement.