
Saudi Aramco shares rise as oil surges 7% on geopolitical fears
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.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Al Arabiya
29 minutes ago
- Al Arabiya
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure but still subject to negotiation and perhaps not the sure thing he's portraying. 'Japan is putting up $550 billion in order to lower their tariffs a little bit,' Trump said Thursday. 'They put up, as you could call it, seed money. Let's call it seed money.' He said 90 percent of any profits from the money invested would go to the US, even if Japan had put up the funds. 'It's not a loan or anything, it's a signing bonus,' the Republican president said on the trade framework that lowered his threatened tariff from 25 percent to 15 percent, including on autos. A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10 percent of Japan's entire gross domestic product. The Japan External Trade Organization estimates that direct investment into the US economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the US, though the impact of those commitments have yet to appear in the economic data for jobs, construction spending, or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to US consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions such as Japan Bank for International Cooperation. Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The US apparently released its version of the deal while Japanese officials were on their return flight home. 'If we find differences of understanding, we may have to point them out and say that's not what we discussed,' Akazawa said. The US administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips, and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from US farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. 'And if the president is unhappy, then they will boomerang back to the 25 percent tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work,' Bessent told Fox News' 'The Ingraham Angle.' Akazawa denied that Bessent's quarterly review was part of the negotiations. 'In my past eight trips to the United States, during which I held talks with the president and the ministers,' Akazawa said, 'I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States.' He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25 percent, as scheduled on August 1, and then drop to 15 percent. 'We definitely want to avoid that, and I believe that is the understanding shared by the US side,' he said. On buying US rice, Japanese officials have said they have no plans to raise the current 770,000-ton minimum access cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase US rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries, such as South Korea, to strike deals with the US. Trump, who is traveling in Scotland, plans to meet on Sunday with European Commission President Ursula von der Leyen to discuss trade. 'Whatever Donald Trump wants to build, the Japanese will finance it for him,' Lutnick said Thursday on CNBC. 'Pretty amazing.'

Al Arabiya
29 minutes ago
- Al Arabiya
Trump says he is seeking a ceasefire between Thailand, Cambodia
US President Donald Trump said on Saturday he was calling the leaders of Cambodia and Thailand to press for a ceasefire as fighting along the border continued into a third day. 'The call with Cambodia has ended, but expect to call back regarding War stoppage and Ceasefire based on what Thailand has to say. I am trying to simplify a complex situation!' Trump wrote on his social media platform, adding that the call to Thailand's leader 'is being made momentarily.'


Saudi Gazette
3 hours ago
- Saudi Gazette
Saudi Arabia's watermelon harvest tops 610,000 tons
Saudi Gazette report RIYADH — Saudi Arabia's agricultural sector is experiencing a bountiful harvest of summer fruits this July, with watermelon leading the way as one of the most popular seasonal produce. The Kingdom's watermelon production has surpassed 610,000 tons, making it a standout in local markets. This fruit enjoys significant consumer demand due to its natural flavor, rich nutritional value, and its vital role in various processed products. Watermelon varieties in Saudi markets are renowned for their high quality and diverse selection, with notable types including Charleston Gray, Klondike R7, Congo, Royal Sweet, and Crimson Round. The fruit is integral to several industries, including juices, ice creams, and candies, contributing to the Kingdom's food processing success of the watermelon crop aligns with Saudi Arabia's vision for food security and self-sufficiency in seasonal produce, supporting the national Ministry of Environment, Water, and Agriculture continues to empower farmers by providing comprehensive support, including technical guidance, financial facilitation, and the adoption of modern agricultural ministry also supports supply chains and marketing programs, such as seasonal events and local exhibitions, ensuring national products reach consumers smoothly and enhancing their economic impact.