Saudi Aramco makes hay while the rain falls

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Saudi Aramco is the latest oil giant to post a windfall from soaring crude prices, reporting a 25% increase in Q1 profit. While the closure of the Strait of Hormuz has constricted supplies, the state company has been able to continue exporting oil from the Gulf through its east-west pipeline, which runs to the Red Sea and is now operating at maximum capacity. BP has also enjoyed bumper profits under the shadow of a war that threatens to re-erupt at any moment: Donald Trump said yesterday that Iran’s response to his peace plan was “totally unacceptable”.