Saudi Aramco posted stronger-than-expected first-quarter earnings as conflict-driven gains in oil and refined fuel prices boosted revenue.
The Saudi energy giant reported a 26% year-on-year increase in adjusted net income to nearly 126 billion riyals (US$33.6 billion) for the quarter ended March 31.
The figure surpassed analysts’ expectations of 109 billion riyals, reflecting stronger crude and fuel market conditions amid ongoing geopolitical tensions in the Middle East.
Higher energy prices have continued to support earnings for major oil producers as supply concerns linked to regional conflicts keep global markets volatile.
