Aramco Reports Oil Loss From Iran Conflict

The reports focused on the impact of the escalating war between Iran and the United States on global oil supplies, as the world lost 2.6 billion barrels of crude oil during the conflict period. Oil flows through the Strait of Hormuz decreased to a tenth of their pre-conflict levels. "Aramco" indicated that rising oil prices led to a 44% increase in its profits in the second quarter, despite ongoing losses in inventories and infrastructure being targeted by Houthi attacks. Officials confirmed that oil supplies are under greater pressure if the strait remains closed, and it could take up to 18 months to restore inventory balance if it were reopened now. Trade flows have been significantly affected, with Asia reducing its imports by about 6 million barrels per day.

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