Aramco's profit rises as refining margins strengthen amid Iran war

Aramco reported a 9% rise in third-quarter adjusted net income on Tuesday on stronger refining margins. The Saudi oil giant posted adjusted net income of $31.2 billion for the quarter, up from $28.6 billion a year earlier. The figure exceeded the median analyst consensus estimate of $30.66 billion, according to the company. Aramco's downstream business, which processes crude oil into fuels and other products, posted adjusted earnings before interest and taxes of $10.3 billion, up 234% from a year earlier, driven by stronger refining margins.