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Saudi oil giant Aramco on Tuesday reported a 34.6 per cent year-on-year increase in third-quarter net profit, as elevated crude prices amid the Middle East conflict boosted earnings despite repeated attacks on the kingdom’s energy infrastructure.
The company’s net profit reached 135.9 billion riyals ($36.2 billion) in the third quarter of 2026, up from around 101 billion riyals in the same period a year earlier.
Yemen’s Iran-backed Houthis have regularly targeted Saudi oil tankers, pipelines, storage facilities and refineries since hostilities resumed in July, with attacks intensifying in recent weeks.
Saudi Arabia has also faced disruptions to shipping through the Bab al-Mandeb and Strait of Hormuz, where Houthi and Iranian actions have hampered maritime traffic, complicating the kingdom’s oil exports.
Despite these challenges, Aramco, a cornerstone of Saudi Arabia’s economy and one of the world’s most valuable companies, benefited from persistently high oil prices.
Energy majors worldwide have also reported stronger earnings amid disruptions to Middle Eastern oil and gas supplies, which have pushed up energy prices and refining margins.
However, Aramco President and Chief Executive Amin H Nasser warned that the conflict continued to pose serious risks to global energy security.
“Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security,” Nasser said in a statement.