Saudi Aramco tops news as oil profits surge amid Middle East tensions; state-owned giant fueling global energy squeeze. Saudi Aramco, world’s largest oil co.
The war in Iran has blocked the Strait of Hormuz, disrupting global oil supplies. Prices have surged past $100 per barrel, with potential to reach $150 if the conflict persists. Experts warn of a prolonged energy crisis and economic fallout.
Gulf states have summoned Iraqi diplomats over drone attacks launched from Iraq, despite ongoing US-Iran ceasefire. Saudi Arabia has restored oil pipeline capacity after attacks damaged energy facilities, which continue to impact global markets. The situation remains tense as regional conflicts persist.
Oil and gas companies have benefited from the Iran conflict, with profits reaching hundreds of billions of dollars. Major firms like Saudi Aramco, ExxonMobil, Shell, and Russian companies are experiencing record windfalls as oil prices stay high. Governments face pressure to impose windfall taxes to ease public burdens.
Global oil majors are posting higher first‑quarter profits as supply disruptions, including the Strait of Hormuz tension and related price spikes, bolster trading and refining margins. Shell and BP report earnings well above forecasts, while Aramco highlights a critical export artery from its east coast to the Red Sea, helping cushion markets.
Saudi Aramco has reported a $32.5 billion profit for Q1 2026, driven by higher volumes and a full-capacity East-West Pipeline that is helping mitigate global energy shocks despite continuing disruption in the Strait of Hormuz. The company notes ongoing headwinds from Hormuz while maintaining its dividend and investing in growth.
Campaigns protest rising energy costs as Shell and other oil majors report rising profits; governments are weighing measures to curb profiteering while households confront higher energy and food prices amid global tensions.
Oil markets are facing a prolonged impact from the current crisis in the Strait of Hormuz, with analysts and industry leaders warning that a full rebound in flows may take years. Saudi and UAE officials emphasise resilience strategies to cushion prices, while other observers caution that the damage to global trading systems will extend beyond the immediate conflict.
SpaceX has floated on Nasdaq under the ticker SPCX, raising about $75 billion at $135 a share and debuting with a market value above $2 trillion. The newly public group combines SpaceX's rocket and Starlink businesses with xAI and X. Investors have driven strong demand despite losses and questions about unproven projects such as orbital data centres and Mars plans.
SpaceX has filed to sell 555.6 million shares at $135 each, aiming to raise about $75 billion and value the company near $1.75–1.77 trillion. Elon Musk will retain roughly 82% voting control. The company has allocated unusually large tranches to retail buyers, employees and direct-share participants, and disclosed AI compute deals that affect revenue assumptions.
IMF says Saudi Arabia’s economy has shown resilience due to diversified infrastructure and rerouted oil flows, despite pressure from the Middle East conflict. Non-oil activity and exports are affected; forecasted growth adjusts as oil dynamics shift.
SpaceX has completed the largest IPO in history, raising $75 billion and listing on Nasdaq under ticker SPCX. Shares opened at $150, climbed as high as $176 and closed the first day around $160–166 in extended trading, briefly valuing the company above $2.1 trillion and making Elon Musk the world's first likely trillionaire.