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Saudi Aramco reported a 34.6% increase in third-quarter net profit on Tuesday, driven by high oil prices and Middle East war-related disruptions, despite repeated attacks on Saudi energy infrastructure.
The state oil giant said net profit reached 135.9 billion riyals, or $36.2 billion, in the third quarter, up from about 101 billion riyals a year earlier.
Adjusted net income, excluding exceptional items, stood at 116.9 billion riyals. An external estimate based on forecasts from 12 analysts put the median expectation at $30.66 billion.
Aramco had reported a 44% year-on-year increase in second-quarter net profit to 122.6 billion riyals.
The Middle East war, which began Feb. 28 with U.S. and Israeli strikes on Iran, has disrupted global oil and gas supplies, increased refining margins and prices and led to widespread use of strategic reserves.
Yemen’s Iran-backed Houthis have repeatedly targeted Saudi tankers, pipelines, storage facilities and refineries since hostilities resumed in July, with attacks intensifying in recent weeks.
Traffic through the Bab el-Mandeb and Strait of Hormuz has also been disrupted, complicating exports.
“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,” Aramco President and CEO Amin H. Nasser said.
Last month, the Houthis said they targeted Aramco’s headquarters in eastern Saudi Arabia. Saudi officials said a building housing the company’s operations center was hit, while two employees told Agence France-Presse (AFP) that a tower at the headquarters was struck.
With the Strait of Hormuz contested, U.S. naval escorts have helped crude shipments pass through the waterway.
U.S. Central Command said last month it had helped Gulf countries export more than 1.5 billion barrels of crude through the strait since the summer and facilitated the passage of more than 3,000 commercial vessels over six months.
Despite higher Gulf exports, oil markets remain volatile. Prices fell more than 7% on Monday as renewed dialogue between Tehran and Washington raised hopes of an end to the war.
Ukrainian drone attacks on Russian energy infrastructure have also disrupted supplies, prompting Moscow to ban exports of some products, including gasoline and diesel.
Saudi Arabia has raised its projected 2026 budget deficit to 245 billion riyals, or 4.9% of gross domestic product, from an earlier estimate of 165 billion riyals.
Government spending is expected to exceed initial projections by 9.3%, while the Finance Ministry forecasts the economy will contract by 3.6% in 2026, driven by a 21.8% decline in oil-related activity.
The kingdom expects to reduce the deficit to 191 billion riyals in 2027, or 3.6% of gross domestic product (GDP), while continuing to invest in economic diversification.
The IMF expects Saudi Arabia’s GDP to contract 3.3% this year, five percentage points below its previous July forecast.
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