The Middle East conflict ignites profits of over a hundred dollars per barrel! Oil giant Saudi Aramco's Q2 profits surged by 33%, but shipping in the Red Sea is facing a crisis.

According to the Zhitong Finance APP, global oil and gas giant Saudi Aramco announced a significant 33% increase in its second-quarter profit, benefiting from the surge in international oil prices driven by the U.S.-Iran conflict since February, while maintaining large-scale oil exports based at the Red Sea port of Yanbu through pipelines that bypass the Strait of Hormuz. Additionally, focusing on the earnings data, the adjusted net profit soared from $25.2 billion in the same period last year to $33.4 billion, exceeding analysts' expectations of $31.1 billion compiled by Bloomberg, as stated in the earnings announcement released on Tuesday.