Saudi Aramco posts profit surge as oil prices rise; Australian central bank raises rates

Saudi Aramco said its net profit for the quarter ending September rose to $3.25 billion, up more than a third from the same period a year earlier, despite reduced output from attacks on its facilities. The company attributed the profit increase to higher oil prices, noting that geopolitical uncertainty had amplified the global energy supply crisis. > "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 and chief executive Amin H. Nasser said. He added that the firm’s operational resilience and ongoing exploration of overseas storage and export routes helped maintain reliable deliveries.

In Australia, the Reserve Bank raised its cash rate by 25 basis points to 4.85%, the highest level in 18 years, and signaled a pause in further hikes. Governor Michele Bullock said the move was "not the news that many Australians want to hear" but was intended to avoid "even worse pain down the track." She noted uncertainty about future moves, with dissenting board members warning of risks from a weakening housing market and rising unemployment. Senior analyst Ipek Ozkardeskaya of Swissquote said higher energy prices could strengthen the case for additional tightening by other central banks.

The news comes as global equity markets slipped following U.S. strikes on Iran, which pushed Brent crude up 2.2% to $107.15 a barrel after a brief dip. The broader market reaction reflected concerns over the ongoing conflict and its impact on energy supplies.