Saudi Arabia's national oil company, Aramco, reported a 25% jump in quarterly profit as it increased exports via a pipeline bypassing the war-disrupted Strait of Hormuz.
The world's top oil exporter posted a net profit of $32.5 billion for the three months ending March 31, up from $26 billion in the same period last year.
Oil prices soared after Iran effectively closed the Hormuz waterway following the start of the war with the U.S. and its allies on February 28.
Aramco is rerouting more crude to the Red Sea port of Yanbu via its East-West pipeline, which reached its maximum capacity of 7 million barrels a day during the quarter.
Higher oil prices are expected to offer an earnings tailwind to Aramco and other oil producers, but the extent of their benefit depends on the reopening of the strait.
