Saudi oil giant Aramco sees 25% jump in Q1 profit after shifting exports from Strait of Hormuz

Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia. (AP Photo/Amr Nabil, File)

Aramco, the world’s largest oil company, said Sunday its first quarter profit jumped 25 per cent as the Iran war disrupted oil supplies and raised prices.

Dhahran, Saudi Arabia-based Aramco said it successfully shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which has been disrupted by the war.

On Sunday, the price of Brent crude, the international standard, rose 2.58 per cent to US$103.91 per barrel. That’s below its heights above $119 during the war, but it’s still much more expensive than its roughly $70 level from late February before the fighting began.

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Aramco President and CEO Amin Nasser said the company’s East-West Pipeline, which runs across Saudi Arabia from its Eastern oil fields to the Red Sea, is now operating at its maximum capacity of 7 million barrels of oil per day. Nasser said the pipeline is “helping to mitigate the impact of a global energy shock and providing relief to customers.”

Still, that’s only a fraction of Aramco’s typical production. Aramco produced 11.1 million barrels of oil per day in the fourth quarter of 2025, for example.

Aramco reported a profit of $32.5 billion for the quarter ending March 31, up 25% from the same period a year ago. The state-owned company reported a 12% decline in annual profits in 2025.

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Before the war, 20 per cent of the world’s traded oil typically flowed through the strait every day, as well as large supplies of natural gas, fertilizer and other petroleum products. Iran effectively seized control of the critical waterway after the U.S. and Israel attacked it on Feb. 28. A U.S. naval blockade imposed last month also complicates its use.

“Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical,” Nasser said in a statement. “Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its global network to navigate disruption.”

The Associated Press