ERBIL, Kurdistan Region of Iraq – Saudi oil giant Aramco on Tuesday reported a 34.6 percent increase in third-quarter net profit, as global oil prices climbed amid the US-Iran war and attacks by Yemen’s Houthi rebels on Saudi energy infrastructure.

Aramco, a cornerstone of Saudi Arabia’s economy, said net profit reached 135.9 billion riyals ($36.2 billion) in the third quarter of 2026, compared with approximately 101 billion riyals in the same period a year earlier.

“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,” Aramco President Amin Nasser said.

Major oil companies have reported surging quarterly profits this year as fossil fuel prices climbed amid energy disruptions caused by hostilities between the United States and Iran since late February.

Iran has closed the Strait of Hormuz as part of its war against the US and Israel, which began in late February, sharply driving up global oil prices. The waterway accounts for the transportation of around 20 percent of the world's oil.

Yemen’s Iran-backed Houthis are also fighting the internationally recognized, Saudi-backed government, with their attacks targeting airports, energy infrastructure and pipelines in Saudi territory. Aramco facilities have been among their main targets.

In August, Aramco reported a 44 percent increase in second-quarter net profit despite disruptions to shipping through the Strait of Hormuz, higher crude oil and refined product prices, and continued exports through Saudi Arabia’s strategic East-West pipeline.

“We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network,” Nasser said.

The conflict between Riyadh and the Houthis had lain largely dormant since a UN-brokered ceasefire in 2022. However, the Houthis blamed Saudi Arabia for an airstrike on Sanaa International Airport in July, setting in motion a chain of events that culminated in a large-scale Houthi offensive that expanded their effective control over war-wracked Yemen.