Saudi Stocks Plummet as Aramco Hits War-Time Low

Saudi Arabia's stock market hit its lowest level since the start of the US-Israel-Iran war, dragged down by oil giant Saudi Aramco.

The Tadawul All-Share Index fell 1.17% on Tuesday, bringing its decline over the past six months to 5.6%. Aramco's market capitalization is a whopping $1.6 trillion, and it dropped 1.4% for the day to 25.18 riyals ($6.70), its lowest point since February 28.

The stock had surged earlier in the conflict as oil prices skyrocketed, reaching around $120 a barrel in late April. Aramco's shares peaked at 27.96 riyals in May but declined as hostilities eased and oil prices fell below $80 in June and early July.