ALBAWABA - On Tuesday, Saudi oil giant Aramco announced a 34.6 percent increase in the third quarter as crude oil prices have gained significantly due to conflict in the Middle East, specifically the Strait of Hormuz.
The gains come in spite of the fact that the Kingdom’s Aramco facilities and infrastructure have been coming under constant Houthi attacks since July.
Yemen’s Iran-backed Houthis have targeted tankers, pipelines, storage facilities and refineries in Saudi on a regular basis, with attacks intensifying in recent weeks.
Alongside the attacks, the Kingdom and its oil firm have had to contend with Houthi activity in the Bab al-Mandeb strait where control fluctuated between the former and the latter; with several ships passing through the strait having been targeted by the Houthis.
Even so, Aramco has seen its profits soar significantly due to soaring crude oil prices which peaked past their 4-year-high last week; netting a profit of 135.9 billion riyals ($36.2 billion) compared with around 101 billion riyals ($26.8 billion) in the same period a year earlier.
Our 2026 third-quarter financial results reflect our ability to navigate regional developments and deliver robust financial performance, supported by operational excellence, rapid restoration capabilities, flexibility, resilience, and the dedication of our people
Aramco is not alone in posting net positive profits in the third quarter as oil firms worldwide benefited from the crude oil price surge; these include TotalEnergies and Shell.
While the Middle East conflict works well to fatten the margin of oil execs, it still weighs heavily on energy security; as Aramco’s chief executive Amin H. Nasser warned in a statement:
"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." He said.
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