Saudi Arabia’s state-owned oil giant, Saudi Aramco, saw its net income surge by 26% in the first quarter of 2026 compared to the same period last year, reaching 126 billion Saudi Riyals (equivalent to \$33.6 billion), as reported by Bloomberg, citing the company’s financial disclosures.
These final figures surpassed analyst predictions, which had initially been set at 109 billion Riyals. Experts attribute this financial growth to a sharp upturn in crude oil and refined product prices, spurred by the military conflict between Iran and the United States. The agency also points to the redirection of export flows to bypass the Strait of Hormuz as an additional contributing factor.
Within the company itself, the boost in earnings was credited to the Eastern-Western pipeline. This route, extending from the eastern part of the Kingdom to the Red Sea on the western side, functions as an alternative oil supply channel circumventing the Strait of Hormuz, which Iran had effectively closed. Its throughput capacity has reached 7 million barrels per day. Saudi Aramco CEO Amin Nasser stated that this development helped to “mitigate the impact of the global energy crisis” given the restrictions imposed on shipping in the Strait of Hormuz.
In March, following strikes by the U.S. and Israel, Iran effectively halted maritime traffic through the strait, causing Brent crude oil benchmarks to skyrocket: the price of oil increased by nearly 50% during the conflict period and approximately 80% since the start of the year. At its peak in early March, quotations hit \$120 per barrel—the highest level recorded since June 2022.
The International Energy Agency described the situation as the largest supply disruption in history. This crisis led to a rapid escalation in the cost of diesel fuel and jet fuel. Following the outbreak of hostilities involving Iran, Saudi Arabia rerouted a significant portion of its shipments to the alternative port of Yanbu on the Red Sea.
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