Aramco posts 44% rise in net profit as Iran war drives up oil prices

The disruption to global supplies could widen after Iran-aligned Houthi forces announced a blockade of Saudi Arabia's oil industry last month, adding pressure to Red Sea shipping and broadening the fallout from the conflict that has already disrupted flows through the Strait of Hormuz.

Aramco said it maintained a supply reliability rate of 98.4% during the quarter despite continued geopolitical uncertainty in the region.

The company has ramped up exports through the East-West Pipeline to the Red Sea port of Yanbu since the U.S.-Israeli war with Iran triggered one of the biggest disruptions in the history of energy markets. Nasser has previously described the route as a critical lifeline.

But that alternative route and Saudi export terminals on the Red Sea have now also come under threat. In July, Houthi forces announced a blockade of Saudi Arabia's oil industry in the Red Sea, extending the disruption to a second major waterway and pushing oil prices higher.