Saudi Aramco hits intraday trading low amid US-Iran tensions
Chairman and CEO of the Avenue Capital Group hedge fund Marc Lasry shares his insights on how global conflicts like U.S. airstrikes in Iraq can affect financial markets and also looks back on market highs and lows in 2019.
Saudi Aramco fell 1.7% to 34.6 riyals on Sunday — its lowest intraday trading level since debuting in December — after the U.S. took out Iranian military leader Qassem Soleimani.
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Tensions are high in the region, which Iran and Saudi Arabia have been in conflict to control for years.
READ: DEPARTMENT OF DEFENSE STATEMENT ON SOLEIMANI KILLING
Saudi Aramco’s trading price impacted the nation’s benchmark index, which fell 2.4% on Sunday, Reuters reported. Saudi Aramco is a state-owned oil company.
Major stock markets in the Middle East traded down on fears of a conflict between Iran and the U.S. after an American drone strike killed Soleimani.
Mourners carry the coffins of Iran’s Gen. Qassem Soleimani and Abu Mahdi al-Muhandis, deputy commander of Iran-backed militias at the Imam Ali shrine in Najaf, Iraq, Saturday, Jan. 4, 2020. (AP Photo/Anmar Khalil)
The Boursa Kuwait closed down 4%. The Dubai Financial Market closed down just over 3%. The Abu Dhabi Securities Exchange fell 1.42%.
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Egypt’s stock exchange also fell 4%.
Meanwhile, oil prices continued to rise. Brent crude traded up 3.5% to $68.60 a barrel.
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The Associated Press contributed to this report.
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