Saudi Shares Close Lower; US Temporarily Waives Sanctions for Iranian Crude Sales
The Tadawul All Share Index on Tuesday closed 0.35% in the red as investors tuned into the latest updates on the US-Iran conflict.Reuters reported that the US waived its sanctions on Iran for 60 days, while a general license deal will allow the Middle Eastern nation to sell its crude oil, petrochemical and petroleum products until Aug. 21."There were fresh signs of progress in the negotiations, with Vice President JD Vance saying that the weekend talks were 'very, very good.' That follows comments from the Iranian side, who had previously said in the small hours of Monday that there'd been major progress to end the war in Lebanon," Deutsche Bank Research said, while noting the sanctions waiver deal. "So that backdrop saw oil prices come down, with Brent crude (-3.31%) closing at a 3-month low of $77.90/bbl, whilst WTI (-2.32%) also fell to $74.82/bbl."In other news, and also dampening sentiment, are the back-and-forth strikes between Russia and Ukraine. The attacks resulted in injuries and casualties, media reports said.Back at home, Consolidated Grunenfelder Saady Holding (SASE:4147) shares dropped 9.94% at closing as it logged a 29.62% year-over-year decline in attributable net profit and a 5.39% annual decrease in revenue for the 12 months ended March 31.Meanwhile, Future Vision for Health Training (SASE:9632) and Dr. Soliman Abdel Kader Fakeeh Hospital Co. (SASE:4017), d/b/a Fakeeh Care, entered a framework deal to implement programs, educational events and conferences, among others. The stocks closed 1.20% and 1.98% lower, respectively.
