Saudi Aramco Q1 Profit Rises 26% as Middle East War Lifts Oil Prices

Saudi Arabia’s state-owned oil company Aramco posted a sharp rise in first-quarter net profit this year, supported by higher oil prices caused in part by the war in the Middle East. Aramco’s net profit for the quarter increased 26%, a result understood to reflect stronger profitability as international crude prices moved higher amid the conflict. As a national oil company, Aramco’s earnings are closely watched as a gauge of oil-producing countries’ finances and global energy-market conditions. The result shows how oil-price movements can feed directly into the performance of major energy producers. Source: yna.co.kr