Anthony Di Paola

Saudi Aramco reported a 33% increase in second-quarter profit as it benefited from a war-driven surge in oil prices, while keeping exports flowing through a pipeline that bypasses the Strait of Hormuz.

Saudi Aramco said attacks on its assets last month have had no material impact on its operations, and the company is working to expand its oil export capacity as the Strait of Hormuz remains disrupted by the Iran war.

Refineries outside of conflict zones are running at full tilt across the world and there are few shock absorbers left in the system to protect against higher fuel prices, the world’s biggest oil company Saudi Aramco said.

Saudi Aramco said it is looking at options to expand its oil export capacity as the Iran war disrupts flows through the Strait of Hormuz and Houthi rebels threaten shipments in the Red Sea.

and posing a headache for central bankers. Crude prices are down dramatically from their peak earlier this year, but fuel prices have remained elevated.

Saudi Aramco reported a 33 percent increase in second-quarter profit as it benefited from a war-driven surge in oil prices.

OPEC’s crude oil production recouped some more of its wartime losses last month with gains in Kuwait, Saudi Arabia and Iraq, though opaque shipping data complicated the process of tracking the group’s output, a Bloomberg survey showed.

(Bloomberg) -- Saudi Arabia cut its main crude oil price for Asia amid talks on a deal to ease shipping through the Strait of Hormuz, even as threats

The biggest oil producer in the United Arab Emirates spent $1.3 billion to expand its tanker fleet to benefit from surging crude exports after the country left OPEC and pushed more of its oil through the contested Strait of Hormuz.

Abu Dhabi National Oil Co. said three of its vessels were attacked by missiles and drones while transiting the Strait of Hormuz this week, taking its total tally since the start of the Iran war to 15.