Saudi Aramco Posts 35% Profit Jump on Higher Oil Prices

State-owned oil giant Saudi Aramco reported on November 3, 2026, that its third-quarter net profit surged 35% to $36.3 billion, up from $26.9 billion during the same period a year earlier. The earnings boost was driven by higher oil prices, strong refining margins, and the sale of its stake in a Malaysian refining and petrochemical company. Adjusted net profit, excluding the sale of the PRefChem stake to Malaysian state oil company Petronas, rose 9% to $31.2 billion. Saudi Aramco sold its oil for an average of $95.20 a barrel in Q3, compared to an average of $70.10 in the year-before quarter. Oil prices spiked following the outbreak of the Iran war due to supply disruptions and conflict uncertainty. Despite regional challenges, including tanker traffic disruptions through the Strait of Hormuz from the risk of Iranian attacks and an attack on its East-West pipeline on September 10, the company maintained significant exports. It utilized the East-West pipeline to the Red Sea port of Yanbu and transported oil through a U.S.-protected corridor near the coast of Oman. Exports continued despite ongoing attacks on Aramco facilities by Iranian-backed Houthi rebels in Yemen. Saudi Aramco remains a primary revenue source for the Saudi government as it invests in economic diversification projects.