Riyadh, January 19, 2026, 17:35 (GMT+3) — The market has closed.
- Shares of Saudi Aramco fell, reversing some of the previous session’s gains.
- Oil prices dipped, sapping some of the momentum from Gulf energy stocks.
- Attention turns to volatile crude prices, regional earnings reports, and the upcoming Aramco earnings release.
Shares of Saudi Arabian Oil Co. dipped 0.36% to 24.89 riyals on the Saudi Exchange Monday, following a 0.73% gain the day before. (Argaam)
This move is significant since Aramco serves as the primary oil proxy in the market. When crude prices swing, investors often react swiftly by adjusting the stock’s value, even if there’s no new news from the company itself.
The equity session runs until 3:20 p.m. local time, shifting focus to offshore moves ahead of Tuesday’s open — especially updates on oil and geopolitics. (Saudi Exchange)
Saudi Arabia’s main index closed unchanged Monday, despite most Gulf markets rising on easing regional tensions. Soft oil prices and profit-taking held back risk appetite. “Oil-price swings remain a key risk for sentiment,” noted Milad Azar, a market analyst at XTB MENA. (Reuters)
Oil prices retreated after earlier gains as unrest in Iran appeared to ease, easing concerns over supply disruptions. Brent slipped 40 cents to $63.79 a barrel, while U.S. WTI dropped to around $59, according to Reuters. Rystad analyst Janiv Shah noted that the market’s attention has shifted to the Greenland standoff and the potential impact of escalating trade tensions on demand. (Reuters)
The retreat came after a solid Sunday in Riyadh, where Saudi stocks climbed 0.9%, buoyed by government moves to ease capital market access for foreign investors. “I expect the Saudi market to trade within a sideways range … with a mildly positive bias,” said Rania Gule, senior market analyst at XS.com – MENA. (Reuters)
The Capital Market Authority has set a date for these changes. Starting Feb. 1, the Saudi capital market will open up to all foreign investors, dropping the “Qualified Foreign Investor” label and doing away with the rules around swap agreements. Foreign ownership had already topped 590 billion riyals by the close of Q3 2025. (Capital Market Authority)
For Aramco, crude remains the main driver in the short run. Should oil prices slip further, the stock could follow suit. But if risk premiums rebound sharply, the trade might reverse just as fast.
This week brings the first batch of fourth-quarter earnings across the region, with results set to move funds between banks, industrials, and energy stocks on a daily basis. Aramco continues to serve as the key gauge for the wider oil market.
Aramco set Tuesday, March 10, as the date for its FY 2025 results and earnings call — a key moment for traders focused on dividend forecasts and capex clues. (Aramco)
