Saudi Aramco Q1 Net Profit Rises 26% as Middle East War Lifts Oil Prices

Saudi Arabia’s state-owned oil company Aramco reported a 26% increase in net profit for the first quarter of this year. The sharp rise was attributed in part to higher international oil prices driven by the war in the Middle East. As a major national oil company, Aramco is closely watched as an indicator of conditions in the global oil market and energy-sector earnings. The first-quarter result shows how geopolitical tension and oil-price movements were reflected in the profitability of a large oil producer. Markets are expected to keep watching how developments in the Middle East and changes in oil prices affect Aramco’s results. Source: yna.co.kr