Saudi Gazette report

DHAHRAN — Saudi Aramco shares rose 1.76% in the first trading session of the week on the Saudi Stock Exchange (Tadawul), supported by a sharp rise in oil prices following the escalation of hostilities between Israel and Iran.

Aramco closed at SR25.40, up from SR24.96 in the previous session, with trading volume reaching approximately 28.7 million shares and a total value of nearly SR728 million.

Oil markets surged on Friday after both Israel and Iran exchanged missile strikes, raising concerns about possible disruptions to energy exports from the region.

Brent crude futures rose $4.87, or 7.02%, to settle at $74.23 a barrel after spiking over 13% intraday to $78.50 — the highest since January 27.

US West Texas Intermediate crude jumped $4.94, or 7.62%, to $72.98 a barrel, after briefly hitting $77.62, its highest level since January 21. Both benchmarks recorded their largest single-day gains since Russia’s 2022 invasion of Ukraine.

The price spike followed Israel’s announcement of a broad military campaign targeting Iranian nuclear facilities, ballistic missile factories, and top military officials.

Tehran vowed a harsh retaliation, warning that its response would escalate if Israeli operations continued.

Meanwhile, US President Donald Trump urged Iran to return to nuclear negotiations, warning that future attacks were being planned and emphasizing that the U.S. would retaliate forcefully if targeted.

The National Iranian Oil Refining and Distribution Company said refining and storage operations remained unaffected.