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Saudi Aramco said its first-quarter profit rose 25%, driven by higher revenues and cost management despite disruptions to global oil supplies caused by the Iran war.
Saudi Aramco, the world's largest oil exporter, reported a 25% increase in first-quarter net income on Sunday, posting $32.5 billion (€27.6 billion) for the three months ending 31 March, surpassing market estimates.
The company attributed the profit increase primarily to higher revenue and sales-related income, as well as lower operating costs. Its board approved a quarterly dividend of $21.9 billion (€18.6 billion).
Revenue growth was partly due to higher crude oil and fuel prices, although this was somewhat offset by lower sales volumes of crude oil and refined and chemical products.
Brent crude, the international benchmark, traded above $103 a barrel on Monday morning. While this is below the peak of more than $126 reached during the conflict, prices remain significantly above the roughly $70 per barrel level seen in late February before the fighting began.
The Iran war has disrupted global oil supplies passing through the Strait of Hormuz, a critical shipping route for energy exports.
Before the conflict, about 20% of globally traded oil passed daily through the strait, along with large volumes of natural gas, fertilizer, and other petroleum products.
After the US and Israel launched attacks on 28 February, Iran effectively took control of the waterway. Additionally, a US naval blockade imposed last month further complicated shipping through the area.
The disruption caused sharp fluctuations in oil prices during the quarter. In response, Aramco redirected some exports through its East-West Pipeline, enabling shipments via Saudi Arabia's west coast, and relied on its domestic and international storage network to maintain supplies.
The pipeline is currently operating at full capacity of 7 million barrels per day. By comparison, Aramco produced 11.1 million barrels of oil per day in the fourth quarter of 2025.
Aramco President and CEO Amin Nasser said the pipeline was "helping to mitigate the impact of a global energy shock and providing relief to customers".
The company stated the disruption related to the Iran war did not significantly affect its finances or operations.
"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," he added.
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