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

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The Saudi state oil company Saudi Aramco has reported that profits rose by more than a third in the latest quarter despite attacks on its facilities.

The world’s top oil exporter posted a net profit of $3.25bn in the three months to September, compared with $26.9bn a year earlier.

The US-Israeli war on Iran has reduced Aramco’s output, but this has been offset by higher oil prices.

This morning, Brent crude climbed $2.38 a barrel to $107.15 a barrel, a 2.2% gain, after the ⁠US reportedly launched limited strikes on Iran’s Qeshm Island late on Monday. (Before the war, which started on 28 February, Brent traded around $72 a barrel.)