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Saudi Aramco posted soaring second-quarter profits at the same moment oil supermajors across the sector reported blowout earnings.
The reason is the same in each case: the Iran war has squeezed global oil supply, lifting fossil fuel prices and converting geopolitical disruption into quarterly revenue.
What drove the results The Iran war has reduced available oil supply, and tighter supply has meant higher fossil fuel prices. Saudi Aramco sits at the center of that dynamic.
When supply contracts and fossil fuel prices rise, higher revenue follows. The second quarter showed exactly that. The read-through extends beyond Aramco.
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