Despite the recent drop to $9.18 per share, the company remains stable.

On Sunday at 07:06 GMT, Saudi Aramco’s shares dipped by 0.14% to a low of $9.18 (34.45 Riyals) per share, marking an 11% decrease from its recent high of 38.70 Riyals per share. This decline in the state-owned oil behemoth has had a ripple effect on Saudi Arabia’s main stock index, which fell by 2.4%.

Rising tensions in the Middle East have contributed to the surge in global oil prices. Stock markets across the region have experienced downturns due to concerns about an imminent escalation between the US and Iran.

Brent crude, the standard for global oil prices, rose by 2% to $70.01 per barrel on Sunday. The DOW Jones opened 0.7% lower on Monday morning, while the S&P 500 also saw a 6% decline. Stock markets in Asia reflect a similar trend as the world anticipates Iran’s response following the US drone strike that resulted in the death of General Qasem Soleimani on Thursday.

During Saudi Aramco’s initial public offering (IPO), shares in the company were priced at 32 Riyals each, leading to a valuation of $1.7 trillion and establishing the company as the most valuable publicly traded entity globally.