Saudi oil giant Aramco announced a 34.6 per cent surge in third-quarter net profit, as the Middle East war keeps crude prices soaring while the kingdom’s energy infrastructure comes under regular attack, Reuters reports.
Yemen’s Iran-backed Houthis have targeted Saudi tankers, pipelines, storage facilities and refineries regularly since hostilities resumed in July, intensifying their strikes in recent weeks.
The kingdom has also had to contend with the Houthis and Iran hampering traffic in the straits of Bab al-Mandeb and Hormuz, complicating exports.
Yet Aramco – the cornerstone of Saudi Arabia’s economy and one of the world’s most valuable companies – saw its profits soar during the third quarter thanks in large part to stubbornly high oil prices.
