The threat of U.S. sanctions on Iraq should boost the oil price, and Aramco’s value. Yet shares have slumped. That may be because the company’s operations are more likely to be a target for Iranian retaliation, says gfhay: ReutersFlasseur
Saudi Aramco shares fell 1% in early trade on Jan. 6, reaching their lowest level since the oil giant’s initial public offering on Dec. 11.
Aramco shares were trading at 34.25 riyals at 0905 GMT, above the IPO price of 32 riyals per share, but down 11% from their high of 38.70 riyals. Brent crude oil futures rose to $70.74 a barrel in early trading on Jan. 6. They rose over 3% on Jan. 3 after a U.S. air strike killed Iran’s top military leader, Qassem Soleimani.
U.S. President Donald Trump on Jan. 5 threatened to impose sanctions on Iraq, the second largest producer among the Organization of the Petroleum Exporting Countries, if U.S. troops were forced to withdraw from the country. Iraqi politicians earlier called on American and other foreign troops to leave.
Germany, France and the United Kingdom said on Jan. 6 that while they had been gravely concerned by the negative role Iran had played in the Middle East, there was now an “urgent” need for de-escalation.The pan-European STOXX 600 index fell 1.24%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Aramco hits new low since trading began on December 11Saudi Aramco shares briefly hit 34.45 riyals ($9.18) in early trade, t...
Read more »
Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat upGoldman Sachs says gold is the better investment compared with oil in times of geopolitical strife. Oil price 'risks are skewed to the dow...
Read more »
Gold and Oil Rise as U.S. Warns Iraq Over TroopsStocks kicked off the week with losses, oil prices rose and gold jumped to a six-year high as an escalation in geopolitical risk in the Middle East reverberated around the world.
Read more »
Global Stocks Drop, Oil Jumps After Trump Threatens Iraq With SanctionsStocks kicked off the week with losses, oil prices rose and gold jumped to a six-year high as an escalation in geopolitical risk in the Middle East reverberated around the world.
Read more »
Oil extends gains on rising Mideast tensionsOil prices added to recent gains on Monday, with Brent nearly at $70 a barrel as...
Read more »
Column: Trump’s Orwellian doublespeak on IranTrump claims that killing an Iranian general is “de-escalation,” but it risks sparking a wider war.
Read more »