Saudi oil giant Aramco sees 25% jump in Q1 profit after shifting exports from Strait of Hormuz

Aramco, the world’s largest oil company, reported a 25% jump in first-quarter profits amid tight global oil supplies. The company shifted some of its oil shipments to a pipeline that avoids the disrupted Strait of Hormuz. Aramco said its East-West Pipeline, which runs across Saudi Arabia to the Red Sea, is now at full capacity, moving 7 million barrels of oil per day. The pipeline has helped mitigate the global energy shock but can't fully replace the lost capacity from the Strait of Hormuz. Ara...