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Saudi Aramco hits new low on U.S.-Iran tensions

Oil&Gas Materials 8 January 2020 11:37 (UTC +04:00)

Shares of Saudi Aramco opened at 34 riyals ($9.06) on Wednesday, their lowest level since the oil giant began trading on December 11, after Iran launched missiles on U.S. targets in Iraq, Trend with reference to Reuters reports.

Saudi stocks also dropped 1.4%, following across-the-board selling in Gulf markets amid escalating tensions between the United States and Iran.

Aramco shares are down about 12% from a peak of 38.70 riyals on December 31, but still above the IPO price of 32 riyals that valued the company at $1.7 trillion.

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