Aramco Slumps on Houthi Strikes, Dragging Saudi Stocks Lower

Saudi stocks opened lower on Sunday as reports of Houthi strikes on Aramco-linked infrastructure pushed Saudi Aramco down 0.89%. The Tadawul All Share Index slipped 0.34% as a result.

The strikes targeted oil-related structures on Saudi Arabia's Red Sea coast, including Aramco-owned infrastructure near Jizan and Yanbu. This has significant implications for the Saudi market because Aramco is such a large slice of it.

New trade data from Saudi Arabia's General Authority for Statistics painted a mixed picture. May merchandise exports rose 3.9% from a year earlier, but non-oil exports fell 26.1% and imports dropped 19.5%. The agency attributed the decline in non-oil exports to lower sales of machinery, electrical equipment, and parts.