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Saudi Aramco hits new low amid US-Iran tensions

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Saudi Aramco fell 1.4% percent to 34.5 riyals on Monday — That is a new low since debuting in December — after the U.S. took out Iranian military leader Qassem Soleimani.

Shares have lost 11 percent since hitting sa high of 38.50 riyals, according to Reuters.

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)

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Brent crude, used to price international oils, rose $1.38 or 2 percent to $70.01 per barrel. It rose $2.35, or 3.5 percent, to close at $68.60 per barrel on Friday.

Benchmark U.S. crude oil climbed $1.10, or 1.7 percent, to $64.15 per barrel. It jumped 3.1 percent to $63.05 per barrel on Friday.

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The Associated Press contributed to this report.

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