Tadawul All Share Index Starts September Lower Amid Oil Supply Concerns
Saudi Exchange-traded shares started the first trading day of September lower amid market jitters over the persistent US-Iran conflict and its effect on oil supply.At the close of Tuesday trading, the Tadawul All Share Index was down 0.24%. Naseej International Trading Co. (SASE:1213) lost the most during the session at 4.07% in the red."Oil rose for a second session as fresh hostilities between the US and Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz. Brent climbed toward $92 a barrel after US forces hit an island in Hormuz, and Iran retaliated with attacks on the United Arab Emirates and Jordan, marking the first exchange of fire in about a month. West Texas Intermediate traded near $87 after advancing 2.8% on Monday, the biggest gain in three weeks," United Securities said in a note.Speaking of oil, the Sidr and Senegal Prosperity vessels were struck as they were traveling in the Strait of Hormuz. The supertankers were each carrying 2 million barrels of Saudi Arabian crude.In other news, Iranian President Masoud Pezeshkian said that the Middle Eastern country will immediately reciprocate if the US adheres to its memorandum of understanding that was signed in June. Pezeshkian added that Iran was also open to reopening negotiations to end the war.Back at home, Arab National Bank (SASE:1080) shares rose 0.76% as it disclosed its plan to issue US dollar-denominated additional tier 1 capital sukuk. The offer aims to boost the lender's tier 1 capital.Meanwhile, Future Vision for Health Training Co. (SASE:9632) entered into a deal to implement professional diploma programs at Taif University's research and consulting center. Shares of the health education company closed 4.32% in the green.
