Saudi Aramco shares surge most since April 2023 as Middle East tensions escalate. The state-backed oil giant jumped 4.1% in Riyadh trading as Iran conflict enters its second week, triggering supply disruptions. Brent crude topped $90 a barrel Friday with potential for further gains as UAE and Kuwait reduce production amid Strait of Hormuz closure. Aramco is rerouting cargoes to Red Sea facilities to bypass the critical waterway, with eight supertankers already loaded this month on track for record shipments. Analysts expect higher oil prices to offset export declines for the world's largest producer. Prior warnings suggest oil could reach $100 unless hostilities de-escalate or shipping constraints ease. The company raised Asian crude prices by the most since August 2022 last week amid regional turmoil.
Post from MarketNews_en
Log in to interact with content.