Saudi Aramco hits new low on U.S.-Iran tensions

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DUBAI (Reuters) – Shares of Saudi Aramco (SE:) opened at 34 riyals ($9.06) on Wednesday, their lowest level since the oil giant began trading on December 11, after Iran launched missiles on U.S. targets in Iraq.

Saudi stocks also dropped 1.4%, following across-the-board selling in Gulf markets amid escalating tensions between the United States and Iran.

Aramco shares are down about 12% from a peak of 38.70 riyals on December 31, but still above the IPO price of 32 riyals that valued the company at $1.7 trillion.

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