Aramco Shares Surge Most Since 2023 as War Roils Energy Markets

An Aramco logo sign at the ADIPEC conference in Abu Dhabi, United Arab Emirates, on Tuesday, Nov. 4, 2025. The annual strategic energy conference runs from Nov 3-6. Photo by Walaa Alshaer /BloombergArticle content(Bloomberg) — Saudi Aramco jumped the most since May 2023 on Sunday as the Iran war entered its second week, prompting supply disruptions that may send oil prices higher when global markets reopen.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentShares of the state-backed oil giant climbed as much as 4.9% intraday in Riyadh, on the first day of trading for the stock since Brent crude prices topped $90 a barrel on Friday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentBrent, the global benchmark, may climb further in the days ahead after the United Arab Emirates and Kuwait started reducing oil production amid a near-closure of the vital Strait of Hormuz waterway, adding to interruptions affecting worldwide energy supply and exports.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“For Aramco, we believe that the gain in oil prices would offset a decline in exports,” said Junaid Ansari, head of research and strategy at Kamco Investment Co. “We also believe that Aramco should be able to re-route a bulk of its shipments to the Red Sea. It’s just about logistics and handling the excess capacity.”Article contentLast week, the state oil producer raised the price of its main oil grade for buyers in Asia for April by the most since August 2022 amid the turmoil in the Middle East. Article contentSaudi Arabia, the UAE, Kuwait and Bahrain said they intercepted Iranian attacks overnight into Sunday, even after the Islamic Republic’s president said he had instructed the military not to target any nation that isn’t striking his country. A senior Iranian official later said Tehran has the right to hit states hosting US military bases.Article contentArticle contentPrior to the weekend’s developments, several traders warned that oil prices could reach $100 within days — unless there was some de-escalation of hostilities or change to constraints in the Strait of Hormuz, which handles about a fifth of the world’s energy exports.Article contentWhile Aramco has been redirecting oil cargoes to Red Sea facilities at Yanbu on Saudi Arabia’s west coast to avoid the chokepoint, Goldman Sachs Group Inc. cautioned on Friday that the company’s capacity to do so may be limited.Article contentAramco, the world’s largest oil producer, saw more of its fields under attack over the weekend. Drones were intercepted at Shaybah near the Abu Dhabi border, while there was minor damage at the company’s Berri site after an attack on Saturday, Bloomberg reported. Article contentThe two fields have a combined capacity of about 1.5 million barrels a day. Aramco’s Ras Tanura refinery, Saudi Arabia’s largest, was forced to halt operations last week following a drone strike in the area.Article contentTrending Bank of Canada governor warns of growing risks to financial stability Economy U.S. aluminum buyers hunt for alternatives as Iran war upends global supply Commodities This TSX stock fought its way back from the AI software rout and may have 'strong growth prospects' Investor Plug Power Plans Hydrogen Offering in Top US Power-Grid Auction PMN Business Subscriber only. The billionaire 'buccaneer' braving the Strait of Hormuz Subscriber only Financial Times Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada governor warns of growing risks to financial stability Economy U.S. aluminum buyers hunt for alternatives as Iran war upends global supply Commodities This TSX stock fought its way back from the AI software rout and may have 'strong growth prospects' Investor Plug Power Plans Hydrogen Offering in Top US Power-Grid Auction PMN Business Subscriber only. The billionaire 'buccaneer' braving the Strait of Hormuz Subscriber only Financial Times