Net profit of the state oil company of Saudi Arabia, Saudi Aramco, in the first quarter of 2026 increased by 26% compared to the same period last year, reaching 126 billion Saudi riyals ($33.6 billion).
The final figures exceeded experts' expectations — the initial forecast from analysts was at 109 billion riyals, but experts explain that the growth is due to a sharp increase in oil and petroleum product prices amid the military conflict between Iran and the United States.
Another reason cited by the agency is the reorientation of export flows bypassing the Strait of Hormuz. The company itself linked the profit growth to the "East-West" pipeline. This route runs from the eastern part of the kingdom to the west towards the Red Sea and represents an alternative oil supply route bypassing the Strait of Hormuz, which has been closed by Iran.
Its capacity reached 7 million barrels per day. As stated by Saudi Aramco CEO Amin Nasser, this helped "mitigate the impact of the global energy crisis" amid shipping restrictions in the Strait of Hormuz.
In March, following strikes from the United States and Israel, Iran effectively blocked shipping in the strait, leading to a surge in Brent crude prices: during the conflict, the price of oil rose by almost 50%, and since the beginning of the year — by approximately 80%. At its peak in early March, prices reached $120 per barrel — the highest since June 2022.
The International Energy Agency characterized the situation as the largest supply disruption in history. The crisis caused a sharp increase in the prices of diesel fuel and aviation kerosene.
Saudi Arabia, after the outbreak of the war in Iran, redirected a significant portion of its supplies to the alternative port of Yanbu on the Red Sea.
