Saudi Aramco opens lower at 34 riyals on Wednesday

Saudi Aramco opens lower at 34 riyals on Wednesday

Saudi Aramco’s shares had opened on Wednesday at 34 riyals. This would be similar to $9.06. This is the lowest it has opened after the company had begun trading publicly on the 11th of December. This happened after there was a launch of missiles by Iran on the airbases of Iraq which had been hosting the military troops of the United States. The attacks had been done as a retaliation to the airstrike carried out by United States which killed the military leader of Iran Qasem Soleimani.

The shares of the company had recovered to a level of 34.15 riyals but had been off from the session of Tuesday by 0.6%.

The shares of Aramco had been down by 12% from the peak that they had reached on the last day of the year 2019. Though it was still above the price at the time of IPO at 32 riyals which had valued the company reportedly at $1.7 trillion.

This has now put the company’s value at a level of $1.82 trillion which is down from the peak it had reached on 12th December at $2.06 trillion.

The stocks of Saudi had also seen a drop of close to 1.4% amid the tensions between Iran and United States that had been escalating.

Trump has said that there were no casualties on the part of United States although they are being put under pressure for disclosing a few more details regarding the intelligence which made him attack Iran last week.

The Brent Crude has been trading 1.1% up to a level of $69.02 a barrel. The Benchmark U.S. crude oil had seen a climb of $0.51 or at 0.8% to a level of $63.22 a barrel.

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