Aramco profit surges as exports withstand Hormuz disruption

Saudi Aramco posted a 33% jump in second-quarter profit as the war in Iran sent energy prices soaring and the world’s biggest oil company kept exports flowing despite the closure of the Strait of Hormuz.

The company said attacks on key oil infrastructure in July had no material impact on its operations or financial results, with exports maintained through Saudi Arabia’s East-West Pipeline, storage facilities and Red Sea terminals.

Aramco’s remarks on the July attacks were the first time it acknowledged the assault after Yemen’s Houthi rebels claimed strikes on Saudi oil sites and the kingdom intercepted drones launched from Iraq, Bloomberg reports.

The company said it is continuing to maximize exports of diesel, jet fuel and other refined products from its Red Sea refineries, where margins have remained strong even after crude prices retreated following the U.S.-Iran ceasefire.

Meanwhile, the UAE cut its reliance on the Strait of Hormuz in July, reducing oil exports through the waterway by 53% to 950,000 barrels a day while shifting more shipments to Fujairah via its 1.5 million-barrel-a-day bypass pipeline, The National reports. Exports fell nearly 20% to 3.5 million barrels a day.