Saudi state oil company reports jump in profits despite attacks; Australian central bank lifts rates – business live

Saudi Aramco, the Saudi state oil company, has reported a significant increase in profits, with a rise of over a third in the latest quarter. This jump in profits comes despite ongoing attacks on the company's facilities. The reason for this unexpected surge in profits is higher oil prices, which have offset the reduction in output caused by the Iran war. This development is significant for markets as it suggests that the global energy supply crisis may not be as severe as previously thought, despite ongoing geopolitical uncertainty.

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Saudi Aramco's profits have jumped despite attacks, and higher oil prices have offset the reduction in output. This could lead to increased investor confidence in the energy sector.

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