Riyadh (Saudi Arabia) (AFP) – Saudi oil giant Aramco announced on Tuesday a 34.6% increase in its net profit in the third quarter, against a backdrop of war in the Middle East which continues to send oil prices soaring.

Published on: 03/11/2026 - 11:29

Since the resumption of hostilities in Yemen in July, the pro-Iranian Houthis have increased attacks against oil tankers, storage facilities, refineries as well as a strategic oil pipeline in the kingdom, which supports the Yemeni government in the face of their movement.

The Houthis are also hampering maritime traffic in the Bab al-Mandeb Strait, while Iran is disrupting that passing through the Strait of Hormuz, on the other side of the Arabian Peninsula, complicating Saudi oil exports.

Despite the disruption, Aramco, a pillar of the Saudi economy and one of the world's most valuable companies, saw its profits continue to soar in the third quarter, largely thanks to continued high oil prices.

The oil group said its net profit rose to 135.9 billion riyals ($36.2 billion), compared to around 101 billion riyals in the same period a year earlier.

Large energy groups around the world also saw their profits jump in the third quarter, driven by hydrocarbon prices and refining margins.

“Geopolitical uncertainty and attacks on strategic energy facilities continued to worsen the global energy supply crisis in the third quarter of 2026, with serious consequences for global energy security,” Aramco CEO Amin Nasser said in a statement.

In the second quarter, Aramco recorded a 44% increase in its net profit over one year, to 122.6 billion riyals ($32.7 billion), already driven by the surge in crude prices caused by the war.

The conflict in the Middle East, triggered on February 28 by American and Israeli strikes against Iran, has disrupted global energy markets, led to a use of strategic reserves and fueled inflation.

Mr. Nasser announced on Tuesday, during a call with investors, that "preliminary technical studies" were underway to increase the capacity of the Saudi oil giant's East-West pipeline, which allows oil to be transported from the east of the kingdom to the Red Sea by bypassing the Strait of Hormuz.

1.5 billion barrels

Last month, the Houthis said they had targeted Aramco headquarters, a sprawling complex of many buildings and residential complexes in Saudi Arabia's oil-rich east.

Amin Nasser assured that the group was able to respond quickly to attacks against its infrastructure, thanks to the use of drones and specially trained teams to intervene immediately on damaged installations.

“More than 90% of the materials used to restore operations were sourced here in the kingdom,” the CEO added, saying Aramco could complete emergency repairs about six times faster than the industry benchmark.

The Strait of Hormuz, through which around a quarter of world oil exports passed before the war, remains at the heart of tensions between Washington and Tehran, which claims control of this strategic maritime route.

On October 25, the US military's Middle East Command (Centcom) claimed to have helped Gulf countries export more than 1.5 billion barrels of crude oil through the strait since the summer, and facilitated the passage of more than 3,000 commercial ships over the past six months.

However, maritime traffic remains exposed to Iranian attacks, while Washington maintains a blockade of the Islamic Republic's ports.

Finances under pressure

Oil prices fell more than 7% on Monday, as signs of a resumption of dialogue between Tehran and Washington increased. However, they rebounded slightly on Tuesday morning.

At around 105.06 dollars, the barrel of Brent, international reference, against around 70 dollars before the start of the war.

Aramco's performance is particularly scrutinized in Saudi Arabia, where oil revenues remain essential to financing public spending and the kingdom's ambitious economic diversification projects.

Despite public revenues higher than initial forecasts, the Saudi government revised upwards its budget deficit forecast for 2026, to 245 billion riyals ($65 billion), or 4.9% of gross domestic product (GDP), against 165 billion initially forecast.

The world's top crude exporter and largest economy in the Middle East is expected to see its GDP contract by 3.3% this year, according to the International Monetary Fund (IMF).

© 2026 AFP

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