Saudi Aramco reported a 26% increase in first-quarter net income to $33.6 billion as it utilized its East-West pipeline to bypass the Iran-blocked Strait of Hormuz.The blockade has caused a global deficit of nearly one billion barrels of oil, driving Brent crude prices up by 95% to approximately $100 per barrel.CEO
Amin Nasser warned that markets will require months to stabilize even if shipping routes reopen, due to significant cumulative supply losses.