Saudi Aramco Profit Jumps 26% as Iran War Drives Oil Prices

Saudi Aramco reported a 26% jump in first-quarter profit following a war-induced rise in prices of oil and refined fuels, and as it redirected exports via a pipeline bypassing the Strait of Hormuz.

Adjusted net income rose to almost 126 billion riyals ($33.6 billion) in the quarter compared with 97.5 billion riyals a year earlier, according to a statement Sunday. That beat analysts’ profit expectations of 109 billion riyals.