Saudi Aramco posts 33% Q2 profit rise to $33.4 billion
Saudi Aramco just posted a 33% jump in its second-quarter profits, reaching $33.4 billion compared with $25.2 billion last year.
This big boost came after oil prices spiked, averaging nearly $97 a barrel, when the Strait of Hormuz was disrupted, causing major supply issues.
Aramco rerouted shipments, fuels boosted profits
To handle the disruption, Aramco quickly switched up its export routes and sent most shipments through the Red Sea, keeping oil flowing even with all the regional chaos.
Their refined products like diesel and jet fuel also helped push profits higher since they sell for more than regular crude.
Yemeni Houthis threaten Red Sea tankers
Even though a U.S.-Iran peace deal brought oil prices down again, things are still tense.
Yemen's Houthi group has threatened tankers using the Red Sea route, a key alternative to Hormuz, which means there is still risk for global oil supplies as ships try to avoid trouble spots.