Saudi Aramco Q2 profit jumps to $33B amid Iran war, bypassing Hormuz strait

Saudi Aramco reported a one-third jump in quarterly profit to approximately $33 billion, benefiting from soaring oil prices during the Iran conflict that offset lower production volumes. The state-owned oil giant successfully used its East-West pipeline to deliver crude to the Red Sea, bypassing the disrupted Strait of Hormuz. The company sold its crude for an average of $108 a barrel, up from $67 a year ago, and will maintain its base dividend of about $21.9 billion.