Riyadh: Saudi Arabia’s stock market fell by nearly 1% at the start of trading on Sunday, in what was seen as an initial market reaction to drone strikes targeting a key East-West oil pipeline.
Shares of Al Rajhi Bank declined 0.8%, while Saudi Aramco fell 1.1% and Saudi Arabian Mining Company dropped 2.4%. Rabigh Refining and Petrochemical Company recorded the sharpest decline, with its shares falling 7.3%.
Saudi Arabia had temporarily shut down the East-West oil pipeline as a precaution following aerial attacks on facilities in Riyadh and Medina. Saudi authorities said the attacks were launched from Iraq, although no group has officially claimed responsibility.
US President Donald Trump has suggested that Iran may have been responsible for the attacks.
The escalating tensions in the Middle East and growing threats to Saudi energy infrastructure have also heightened concerns over global oil supplies.
