Primark to launch home service ‘by end of 2027’; Saudi state oil company reports jump in profits despite attacks – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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. Before the war, which started on 28 February, it traded around $72 a barrel.

On Monday, the global oil benchmark plunged 11% to $103.28 a barrel after Donald Trump reportedly said he was willing to give diplomacy more time before considering fresh military strikes after the US midterm elections.

Amin H. Nasser , Aramco’s president and chief executive, said:

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. Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period.

We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience.

This means that the world’s biggest oil companies are on track for combined profits of around $100bn between July and September.

Australia’s central bank has lifted interest rates for the fifth time this year, taking them to the highest level in 18 years.

The Reserve Bank of Australia’s board raised its cash rate by 25 basis points to 4.85% and said it will continue to do what it considers necessary to bring inflation to target. However, it dropped its previous guidance that it would raise the cash rate further if needed.