Saudi Aramco Reports 26% Profit Jump in Q1 2026 as Iran War Reshapes Oil Market

Saudi Aramco released Q1 2026 earnings on May 10, reporting adjusted net income of $33.6 billion — a 26% year-over-year increase, up from $26.6 billion in Q1 2025. Higher oil prices driven by Strait of Hormuz disruption from the ongoing Iran war were the primary driver. Despite reduced crude sales volumes through the Strait, Aramco pivoted exports to the East-West Pipeline (Petroline), which reached its full 7 million bpd capacity for the first time since 2019. The board approved a Q1 2026 base dividend of $21.9 billion, a 3.5% year-over-year increase. Aramco CEO Amin Nasser warned that global oil markets would not normalize until at least 2027 if Hormuz disruption persisted, and flagged the East-West Pipeline as a critical export lifeline for the kingdom's energy revenues.