Saudi oil export revenue hits 3-year high amid Gulf war

Saudi Arabia’s oil export revenues soared to a three‑year high in March 2026, driven by a sharp spike in energy prices and the kingdom’s ability to reroute crude shipments away from the Strait of Hormuz. According to the General Authority for Statistics, oil exports jumped 37.4% year‑on‑year, increasing their share of total merchandise exports to 80.3% from 71% in March 2025.

War and the Hormuz closure

Total merchandise exports and the oil share put Saudi crude and oil‑product export revenues at roughly 92.5 billion Saudi riyals ($24.7 billion) in March — the highest level since October 2022. The increase occurred during the first full month of the Middle East war, which began in late February and caused major disruptions to energy flows through the Strait of Hormuz. London benchmark oil prices surged 43% in March as the near‑shutdown of the strait cut off a large portion of global supplies.

Alternative routes and trade surplus

Saudi Arabia was less exposed than some Gulf producers after activating a cross‑country pipeline that transports crude to its western coast, allowing shipments from Red Sea ports. The kingdom recovered to about 70% of its pre‑war export levels by the end of March. Meanwhile, non‑oil exports fell 17.3% year‑on‑year, and imports decreased 24.8%, causing Saudi Arabia’s merchandise trade surplus to jump 218.9% compared with March 2025.