Saudi Aramco reports bumper profits as it bypasses Strait of Hormuz

Saudi Aramco reports bumper profits as it bypasses Strait of Hormuz Saudi Aramco said on Tuesday its profits surged 33 percent in the second quarter of this year, as the kingdom benefited from the US-Israeli war on Iran, which drove up energy prices, while its oil pipeline allowed it to bypass the Strait of Hormuz. The state-owned Saudi Arabian oil giant’s adjusted net income rose to $33.4bn from $25.2bn a year ago. The second quarter runs from early April to the end of June.