Riyadh, January 24, 2026, 17:39 (GMT+3) — Market closed.
Shares of Saudi Arabian Oil Co. (Saudi Aramco) ended Thursday at 25.24 riyals, gaining 0.96% before the Saudi market closed for the weekend. Trading volume hit roughly 11.0 million shares. The stock has climbed 1.77% in the last five sessions but remains down 9.86% over the past year, per Argaam data.
The market reopens Sunday with oil taking the lead again. In under 24 hours, traders have swung from pricing a steep drop to factoring in a rapid bounce in crude.
This is crucial for Aramco, as it still acts as the market’s largest oil proxy in Riyadh. The stock might seem sluggish—until crude prices shift by a few dollars, prompting a fresh wave of screen-watching.
Brent crude jumped $1.82, or 2.8%, to close at $65.88 a barrel on Friday, while U.S. WTI rose $1.71, or 2.9%, finishing at $61.07, Reuters reported. The surge followed new U.S. sanctions targeting Iranian oil shipments and the deployment of warships to the Middle East, sparking fresh concerns about supply disruptions. 1
The day before, Brent dropped $1.18, or 1.8%, settling at $64.06 after U.S. President Donald Trump eased threats against Greenland and Iran, easing what traders call the “risk premium”—the extra cost linked to disruption fears. Ole Hansen, Saxo Bank’s chief commodity analyst, described it as a “deflation of risk premium.” Tony Sycamore of online broker IG said oil should hover around $60 a barrel. U.S. crude inventories also jumped 3.6 million barrels in the latest weekly data, exceeding forecasts in a Reuters poll. 2
Aramco CEO Amin Nasser, speaking at the World Economic Forum in Davos, challenged the popular 2026 “glut” story. He called forecasts of an oil surplus “seriously exaggerated” and flagged that global spare capacity — the production that can quickly come online — stands at about 2.5%, below his minimum safety threshold of 3%. Analysts have highlighted growing supply from the U.S. and others, plus the potential for OPEC+ to roll back cuts, as factors that could ease the market this year. 3
Aramco shareholders face a straightforward question for now: will Brent hold in the mid-$60s, or slip closer to $60? The stock usually acts like a steady dividend play—until the oil market shifts and it suddenly feels like a momentum stock.
The company’s next key milestone is its full-year 2025 results, set for March 10, according to Aramco’s financial calendar. That report will offer the first clear insight into management’s outlook on demand, pricing, and spending after a turbulent start to the crude market. 4
Oil traders are focused on the OPEC+ meeting set for Feb. 1, where the eight members who’ve been managing voluntary output cuts will meet, OPEC said. Any hint on whether those cuts will continue, deepen, or be rolled back could swiftly shift the crude price curve — and impact sentiment around Aramco. 5
That same geopolitical tension boosting crude prices can just as quickly reverse. If tensions ease around Iran or if there’s a clearer route to increased supply, oil’s support level would be challenged, potentially dampening enthusiasm for major energy stocks on Tadawul.
Saudi Arabia’s market resumes Sunday, with Aramco shares initially tracking Brent’s post-weekend price. The schedule soon gets busy: OPEC+ meets Feb. 1, followed by Aramco’s annual results on March 10.
