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Saudi Aramco profits jump 33% in second quarter as Iran war squeezes oil supply
['Sam Meredith', 'In Samuelmeredith']
International: Top News And Analysis
Saudi Aramco on Tuesday reported a jump in second-quarter profit, following a period of severe disruption through the Strait of Hormuz amid the sprawling Middle East conflict.
The world's largest oil company posted adjusted net income of 125.2 billion Saudi riyal ($33.4 billion) over the April to June period, up 33% year-on-year and beating analyst expectations of $31.59 billion.
The results come as oil supermajors have reported blowout quarterly profits, benefitting from higher fossil fuel prices amid hostilities between the U.S. and Iran.
Key highlights from Q2:Cash flow from operating activities came in at $25.4 billion in the second quarter.
Aramco said it continues to utilize its East-West pipeline to increase supply flexibility.