A projectile has hit a cargo ship in the Strait of Hormuz, setting the vessel ablaze after the United States targeted Iranian mine-laying vessels that could target the narrow mouth of the Persian Gulf.

Saudi energy company Aramco has unveiled a $1.5 billion fund for sustainable investments, part of efforts to burnish the state-owned company’s green credentials.

Saudi Arabia’s oil-producing crown jewel, Aramco, has announced a net income of around $47 billion for the first half of the year.

Profits for the first six months of the year plunged to $23.2 billion, half of last years $46.9 billion for the same time period. Despite massive efforts by Saudi Crown Prince Mohammed bin Salman to diversify the economy, Saudi Arabia still depends heavily on oil exports to fuel government spending. Aramco was knocked out of its top spot as the worlds most valuable listed company by Apple in recent days. At its highest, Aramco traded above $10 a share in December and at it lowest slipped to $7.20 a share in March. Even before the half-year results were announced, it was clear Aramco's half-year earnings would take a hit with the company's first quarter profits down 25%.