DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices.

The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher oil prices fueling inflation.

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade given the world’s need for more affordable and reliable energy,” Aramco CEO Amin H. Nasser said in a statement.

Benchmark Brent crude traded just shy of $95 a barrel Tuesday.