Riyadh, Jan 17, 2026, 17:38 AST — The market has closed.
Key points:
- Shares of Saudi Aramco ended Thursday at 24.80 riyals, slipping 0.72%.
- Oil prices dropped as concerns over Iran-related supply risks eased, dragging Gulf equities down.
- Traders enter Sunday focused on geopolitics, crude price moves, and crucial oil-market data set for next week.
Shares of Saudi Arabian Oil Co. are slipping ahead of the next session on the Saudi Exchange, weighed down by a late-week retreat. Oil prices and fresh developments from the Middle East are once again driving market sentiment.
Aramco, Saudi Arabia’s largest listed firm and a major force in the local index, usually tracks oil prices closely since they drive its earnings and dividends. This week, that connection showed up again.
The Saudi Exchange operates Sunday through Thursday, so the next update on positioning won’t be available until the market reopens on Sunday. (Source: Saudiexchange)
Aramco closed Thursday at 24.80 riyals, slipping within a range of 24.60 to 24.94 during the session. The stock saw a turnover of roughly 216.6 million riyals, according to the data. (Source: Argaam)
The broader Saudi index ended a six-day rally as investors digested reports that the U.S. was withdrawing some troops from military bases in the region, alongside Iranian warnings of possible retaliation, Reuters said. Aramco slipped roughly 0.7% during the session. George Pavel, general manager at Naga.com Middle East, noted that further reforms “could translate into increased foreign inflows,” but he pointed out that oil prices and geopolitical tensions remain key risks. (Source: Reuters)
Oil took a big hit. Brent futures dropped $2.76, or 4.15%, closing at $63.76 a barrel Thursday. U.S. crude lost $2.83, or 4.56%, ending at $59.19, Reuters reported. Phil Flynn, senior analyst at Price Futures Group, said the market shifted from a “high likelihood” to a “low likelihood” scenario after comments from President Donald Trump eased the “risk premium”—the extra cost traders pay for potential supply disruptions. (Source: Reuters)
The Reuters report pointed to rising U.S. crude and gasoline inventories, a factor that can drag prices down by suggesting weaker demand or a surplus in supply. For Aramco, such data holds weight even without any direct company news influencing trading activity.
Aramco set a corporate marker earlier this week by signing a long-term deal with U.S.-based Commonwealth LNG for 1 million metric tons annually, with an option to double that volume, sources familiar with the contract told Reuters. This move highlights Aramco’s effort to expand its gas and LNG business alongside its core crude operations. (Source: Reuters)
For now, the tape feels driven more by macro factors than company specifics. If oil prices keep falling, Aramco could follow suit, no matter its long-term plans. But a sudden spike in regional tensions would probably reverse that in a heartbeat.
Next week’s schedule is packed with key oil data. The International Energy Agency will drop its monthly Oil Market Report on Jan. 21. Then, the U.S. Energy Information Administration will issue its Weekly Petroleum Status Report a day later, on Thursday, Jan. 22, after Monday’s federal holiday shuts down operations. (Sources: Iea ; Eia)
When Riyadh’s market opens Sunday, crude’s moves will take center stage. After that, all eyes turn to any new Iran-related news that might push the risk premium back up after it slipped away late last week.
