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Tadawul Shares End Week Higher; Ades Holding Ticks Down

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The Tadawul All Share Index ended the week higher at 0.15% in the green as the latest geopolitical updates between the US and Iran again took center stage on Thursday.

The US launched a wave of attacks on Iran, while also reimposing its naval blockade on the Middle Eastern country's ports. The attacks focused on Iranian bases in the south.

Further to this, Iran also sent out attacks on US bases in Kuwait and Jordan. The country warned that if the US continued its attacks, it would launch attacks that would encompass the Gulf region's infrastructure. The escalation raised concerns about another potential oil supply disruption.

"The US carried out additional strikes against Iran. There are also media reports that the US is considering increasing military operations. Iran, meanwhile, said it has no plans to talk. The rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf," ING said in a note. "The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable. In addition, global SPR releases, which have helped the market out over recent months, are set to end in the next few weeks."

Back at home and on the corporate front, Ades Holding (SASE:2382) secured two offshore drilling contracts that will deploy its Shelf Drilling Odyssey and Fortress jackup rigs. Shares of the drilling services company closed 1.33% lower.

Meanwhile, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, shares ticked up 0.15% at closing as it awarded an integrated stimulation and completion services contract to energy products and services company Halliburton.

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Update: US Equity Indexes Climb as Unexpected Decline in Inflation Helps Counter Sharp Deterioration in Iran Geopolitics

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Update: US Equity Indexes Edge Up After Producer Price Inflation Unexpectedly Drops, Iran Signals Red Sea Disruption

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Dow JonesNasdaq CompositeS&P 500$ASML$BLK$BNY$MS$PYPL
Asia Markets

Exchange-Traded Funds Rise, US Equities Mixed After Midday

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