The threat of U.S. sanctions on Iraq should boost the oil price, and Aramco’s value. Yet shares have slumped. That may be because the company’s operations are more likely to be a target for Iranian retaliation, says gfhay: ReutersFlasseur
Saudi Aramco shares fell 1% in early trade on Jan. 6, reaching their lowest level since the oil giant’s initial public offering on Dec. 11.
Aramco shares were trading at 34.25 riyals at 0905 GMT, above the IPO price of 32 riyals per share, but down 11% from their high of 38.70 riyals. Brent crude oil futures rose to $70.74 a barrel in early trading on Jan. 6. They rose over 3% on Jan. 3 after a U.S. air strike killed Iran’s top military leader, Qassem Soleimani.
U.S. President Donald Trump on Jan. 5 threatened to impose sanctions on Iraq, the second largest producer among the Organization of the Petroleum Exporting Countries, if U.S. troops were forced to withdraw from the country. Iraqi politicians earlier called on American and other foreign troops to leave.
Germany, France and the United Kingdom said on Jan. 6 that while they had been gravely concerned by the negative role Iran had played in the Middle East, there was now an “urgent” need for de-escalation.The pan-European STOXX 600 index fell 1.24%.
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