Aramco quarterly profit surges over 25% amid global oil price spike
Saudi energy giant says higher crude prices and stronger sales boosted earnings as Middle East conflict rattled global markets
ERBIL (Kurdistan24) — Saudi Aramco reported a sharp rise in first-quarter profits on Sunday, benefiting from soaring global oil prices and increased crude exports during a period marked by war-driven instability across the Middle East and major disruptions to global energy markets.
The Saudi state-owned energy giant said its net profit for the first quarter of 2026 reached 120.13 billion Saudi riyals ($32.04 billion), up more than 25 percent from 95.68 billion riyals ($25.51 billion) during the same period last year.
In a statement published on the Saudi Exchange website, Aramco attributed the increase primarily to stronger crude oil prices, higher sales volumes, and improved revenue from refined and chemical products.
“The increase in revenue was mainly due to higher prices and volumes sold of refined and chemical products, as well as higher crude oil volumes sold and higher crude oil prices,” the company said.
The earnings surge comes as global energy markets continue to reel from the fallout of the ongoing conflict involving Iran, the United States, and Israel, which has fueled fears of broader regional instability and threatened one of the world’s most critical oil transit routes.
Oil prices climbed dramatically during the first quarter, rising from the mid-$60 range in early February to above $100 per barrel in March after Iran disrupted shipping through the Strait of Hormuz, a strategic maritime chokepoint through which roughly one-fifth of global oil supplies normally pass.
The closure and ongoing insecurity in the waterway triggered a global energy shock, driving up fuel prices worldwide and intensifying concerns over inflation, supply shortages, and economic volatility.
As the world’s largest oil exporter, Aramco has been among the primary beneficiaries of the price surge. The company plays a central role in the Saudi economy, with oil revenues remaining a key pillar of the kingdom’s state finances and Crown Prince Mohammed bin Salman’s ambitious Vision 2030 diversification agenda.
The conflict-driven rise in prices has also strengthened the fiscal position of major Gulf oil producers, even as regional governments face heightened security risks and increasing geopolitical uncertainty.
Despite the strong profit growth, Aramco said higher operating expenses and increased taxes partially offset gains during the quarter.
“The increase was mainly driven by higher revenue and other income related to sales, partially offset by higher operating costs and an increase in income taxes and zakat driven by higher taxable income compared to the same quarter of the previous year,” the company said.
The company’s results underscore how geopolitical turmoil in the Gulf continues to shape global energy dynamics, with investors closely watching developments around the Strait of Hormuz, ongoing ceasefire negotiations, and potential disruptions to future oil supplies.