The Saudi oil giant Aramco announced a 25.5% increase in net profit for the first quarter, driven by rising crude prices.
The company said the rise was due to higher revenue and sales-related income, which offset the increasing operational costs.
The surge in oil prices followed the US and Israeli military campaign against Iran, launched in late February. In response, Tehran blocked the Strait of Hormuz, a vital shipping lane through which one-fifth of global oil consumption typically passes, leading to a severe drop in supply and sharp price increases.
In March, Brent crude oil averaged nearly $100 (€84.8) per barrel, compared to $70 (€59.36) before the hostilities, with prices peaking at $120 (€101.76) per barrel.
Aramco reported a net profit of 120.13 billion riyals (€27.22 billion) for the first quarter, compared to 95.68 billion riyals (€21.68 billion) during the same period last year.
Despite the near-closure of the Strait of Hormuz, Aramco managed to deliver millions of barrels of crude daily, utilising its massive east-west pipeline network.
This pipeline connects energy facilities in the Gulf to export terminals on the Red Sea, and the company revealed that it pumped crude at a maximum capacity of seven million barrels per day in the first quarter to sustain exports from the kingdom’s west coast.
