Saudi Aramco Profits Surge As Middle East War Rattles Energy Markets

MENAFN- Khaleej Times) [Editor's Note: Follow Khaleej Times live blog for the latest regional developments since the US-Iran war started on February 28]

Saudi oil giant Aramco on Tuesday announced a 34.6 percent 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.

Recommended For YouYemen'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.

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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.

The firm said net profit hit 135.9 billion riyals ($36.2 billion) in the third quarter, compared with around 101 billion riyals in the s...