Saudi Aramco said third-quarter adjusted net income rose 9% to $31.2bn from $28.6bn a year earlier, topping analyst consensus of $28.7bn. Higher oil prices tied to regional conflict boosted results, and exports via the Strait of Hormuz remained strong. Continued attacks by Yemen’s Houthi militants are straining the Saudi economy and have put markets on alert over the stability of oil receipts. In September Aramco increased crude loadings from Ras Tanura to regain Asian market share after attacks

Saudi Aramco said third-quarter adjusted net income rose 9% to $31.2bn from $28.6bn a year earlier, topping analyst consensus of $28.7bn. Higher oil prices tied to regional conflict boosted results, and exports via the Strait of Hormuz remained strong. Continued attacks by Yemen’s Houthi militants are straining the Saudi economy and have put markets on alert over the stability of oil receipts. In September Aramco increased crude loadings from Ras Tanura to regain Asian market share after attacks on the east-west pipeline disrupted Red Sea alternative routes and temporarily halted the pipeline, forcing greater reliance on Hormuz shipments. Aramco said the east-west pipeline still provides export flexibility and it is exploring higher overseas inventories and new export routes.