The Hormuz Crisis Pushes Up Oil Prices; Saudi Aramco’s Q2 Profits Increase by 33%
2026-08-05 13:32:31
According to CoinMeta, the Hormuz crisis has pushed up oil prices, with Saudi Aramco's profits increasing by 33% in the second quarter. Goldman Sachs expects that before the situation in Iran becomes clearer, Brent crude oil prices will remain in the range of $80 to $90 per barrel. The Oman News Agency reported that the official price of Oman crude oil for delivery in October is $83.51 per barrel. Sources and Reuters calculations show that Russia's exports of marine petroleum products decreased by 33% month-on-month in July. Syria has agreed to significantly cut its imports of Russian oil in exchange for the United States lifting its designation as a "terrorist-supporting country." In June, the cost of oil imports to the United States was $86.06 per barrel, up 37.6% from $62.53 per barrel in June 2025. The CEO of BP stated that the company is increasing production of aviation fuel and diesel. The CEO of Saudi Aramco said that they will continue to make full use of all export routes and plan to continue exporting about 5 million barrels of crude oil per day. OPEC member countries increased their supply by 1.16 million barrels per day in July, to an average of 19.44 million barrels per day. U.S. Energy Secretary Wright stated that fuel prices should decline in the coming weeks.
Source:Internet
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