Saudi Aramco has reported a sharp rise in quarterly earnings as conflict across the Middle East keeps global oil markets under pressure. The state-owned energy giant announced a 34.6% increase in third-quarter net profit on Tuesday.
The company earned 135.9 billion riyals ($36.2 billion) during the quarter. In comparison, it recorded approximately 101 billion riyals in the same period last year.
Higher oil prices played a major role in the increase. However, regional attacks and disruptions to energy supplies continue to raise concerns about global energy security.
Aramco Third-Quarter Profit Reaches 135.9 Billion Riyals
Saudi Aramco’s third-quarter results reflect the impact of sustained pressure on global oil supplies. The conflict has kept crude prices elevated, supporting earnings across major energy companies.
The company reported adjusted net income of 116.9 billion riyals after excluding exceptional items. Meanwhile, the median analyst estimate for adjusted third-quarter income stood at $30.66 billion.
Aramco also recorded strong growth in the previous quarter. Its second-quarter net profit increased 44% year-on-year to 122.6 billion riyals.
Nevertheless, analysts noted that the latest results looked stronger compared with last year’s figures. However, they appeared less promising when measured against the previous quarter.
Middle East Conflict Raises Energy Security Concerns
The regional conflict has disrupted energy markets since February 28, when US and Israeli strikes on Iran began the war. Consequently, supply concerns have pushed oil and gas prices higher and prompted countries to draw down strategic reserves.
Meanwhile, Yemen’s Iran-backed Houthis have repeatedly targeted Saudi energy infrastructure since hostilities resumed in July. Their attacks have reportedly involved tankers, pipelines, storage facilities and refineries.
The group also claimed last month that it targeted Aramco’s headquarters in eastern Saudi Arabia. Saudi officials confirmed that a building was hit in the area housing the company’s operations centre.
Two Aramco employees also reported that a tower within the headquarters complex had been struck.
Aramco President and CEO Amin H. Nasser warned that the conflict continued to threaten energy supplies.
“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.
Strait of Hormuz Disruptions Add Pressure to Oil Markets
Shipping disruptions around the Strait of Hormuz and Bab al-Mandeb have complicated regional energy exports. These developments have added further uncertainty to global supply chains.
US naval escorts have helped commercial vessels transport crude through the contested Strait of Hormuz. US Central Command said last month that assistance had enabled Gulf countries to export more than 1.5 billion barrels.
It also reported facilitating the passage of more than 3,000 commercial vessels over six months.
Despite these efforts, oil markets remain volatile. Prices dropped more than 7% on Monday after renewed signs of dialogue between Tehran and Washington raised hopes of ending the conflict.
The war has also affected energy infrastructure beyond the Middle East. Ukrainian drone attacks have struck Russian energy facilities, prompting Moscow to restrict exports of certain products, including petrol and diesel.
Saudi Arabia Revises Its Budget Deficit Forecast
Despite Aramco’s stronger earnings, Saudi Arabia faces growing economic pressure. The kingdom has increased its projected 2026 budget deficit to 245 billion riyals.
That figure represents 4.9% of gross domestic product, compared with the earlier forecast of 165 billion riyals.
Government spending is expected to exceed initial projections by 9.3%. Meanwhile, the finance ministry forecasts a 3.6% contraction in the Saudi economy during 2026.
The projected decline largely reflects an expected 21.8% drop in oil-related economic activity.
Saudi Arabia expects its budget deficit to fall to 191 billion riyals in 2027. That would equal 3.6% of GDP, as the kingdom continues investing in economic diversification projects.
However, the International Monetary Fund expects the Saudi economy to contract by 3.3% this year. Its latest forecast is five percentage points lower than its July projection.
Aramco’s latest earnings highlight how elevated oil prices can support energy revenues during regional instability. Nevertheless, continued conflict, export disruptions and domestic economic pressures remain significant challenges for Saudi Arabia.
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