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// DOSSIER — saudi-aramco-global-oil-giants-record-profits-us
Saudi Aramco and Global Oil Giants Report Record Q2 2026 Profits Amid US-Iran War
REL_TIME: 05 Aug 2026 07:13Z · LANG: EN
In August 2026, Saudi Aramco reported a 44 percent surge in Q2 net profit to $32.7 billion, with adjusted net income rising 33 percent to $33.4 billion, driven by soaring oil prices caused by the ongoing US-Iran conflict and the blockade of the Strait of Hormuz. Despite severe regional disruptions and attacks on its facilities, Aramco maintained business continuity by rerouting exports through its 1,200-kilometer East-West Pipeline to the Red Sea. Other global oil majors, including ExxonMobil, Chevron, and BP, also posted massive windfall profits, drawing sharp criticism from US President Donald Trump and intensifying calls for windfall taxes as consumers face high fuel costs and energy rationing.
// Background
The US-Iran conflict, which began in late February 2026 following US-Israeli strikes, has severely disrupted global energy corridors. The closure of the Strait of Hormuz, which normally carries 20 percent of global oil and LNG, forced major supply re-routing. While non-Gulf producers and refiners capitalized on high crude prices and soaring refining margins, Gulf-based infrastructure has faced direct military threats from Iran-backed groups, including Yemen's Houthis and militias in Iraq.
// Key Developments
- Saudi Aramco's Q2 2026 net profit rose 44 percent to $32.7 billion, while adjusted net income beat analyst expectations at $33.4 billion.
- The US-Iran war, now in its sixth month, drove Brent crude prices from pre-war levels of around $72 to a peak of $126 per barrel.
- Aramco bypassed the blocked Strait of Hormuz by utilizing its 1,200-km East-West Pipeline to export up to 7 million barrels per day via the Red Sea.
- Other oil majors reported blowout earnings, with ExxonMobil doubling profits to $14.53 billion and Chevron's profits surging nearly 400 percent to $12.07 billion.
- US President Donald Trump publicly rebuked ExxonMobil and Chevron, accusing them of making too much money off supply shortages.
- Aramco CEO Amin Nasser warned that the conflict has depleted global inventories by over 2.6 billion barrels, which could take 18 months to rebuild even if shipping lanes reopen immediately.
- Aramco faces emerging threats from Yemen's Houthi rebels, who declared a maritime blockade on Saudi ships and targeted Red Sea tankers.
// Timeline
-
US-Israeli strikes trigger the war with Iran, leading to the closure of the Strait of Hormuz.
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US Navy implements a maritime blockade against the Iran-flagged tanker Herby.
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A short-lived peace deal briefly allows Gulf countries to resume exports via Hormuz before fighting resumes.
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Yemen's Houthis launch attacks on Saudi energy facilities and declare a maritime blockade on Saudi ships in the Red Sea.
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PricewaterhouseCoopers completes its review of Aramco's interim financial statements.
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Saudi Aramco officially releases its Q2 2026 financial results, reporting a 44 percent profit surge.
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Scheduled payment date for Aramco's increased Q2 base dividend.
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Targeted completion date for the Dangote Petroleum Refinery's planned $5 billion IPO.
// Perspectives
[Saudi Aramco]
Emphasizes operational resilience, business continuity, and strategic infrastructure planning to mitigate the biggest supply shock in history while maintaining dividend payouts.
[US President Donald Trump]
Highly critical of oil majors' windfall profits, accusing them of profiteering from shortages and demanding they lower consumer fuel prices.
[Global Consumers and Activists]
Condemn oil companies for enjoying a very good crisis while households face soaring fuel bills, blackouts, and energy rationing.
[European Governments]
Implementing or proposing windfall taxes, such as Portugal's 33 percent tax, to redirect corporate profits to vulnerable households.
// Quotes
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalizing on our diverse asset base and multi-decade planning...”
“They're making too much money based on a shortage. I don't like it... Chevron, too much money. ExxonMobil, too much money. They're going to give some of that back to the public and they better cut the retail price, the consumer price.”
“We remain concerned that the continued disruption via the Strait of Hormuz and the threat to shipping through the Bab el-Mandeb Strait could have a significant long-term impact on the world economy.”
