Hormuz Blockade Lifts Oil Prices as Aramco Q1 Profit Jumps 25.6% Above Forecasts

Saudi Arabia’s state oil company Aramco posted stronger first-quarter results as international oil prices surged after the war between the United States and Iran, Reuters and Bloomberg reported on May 10 local time. Aramco’s first-quarter net profit rose 25.6% year on year to 120.13 billion Saudi riyals, or about $32.02 billion, exceeding the market forecast of $30.95 billion. Oil prices climbed from the mid-$60 range per barrel in early February, before Middle East tensions intensified, to the $100 range in April. The company said earnings improved because of higher crude sales volumes, higher oil prices, and increased sales of refined and chemical products. CEO Amin Nasser said the east-west pipeline helped bypass the Strait of Hormuz and ease the shock, but noted the burden of having reached its maximum transport capacity of 7 million barrels per day. Source: hankyung.com