Saudi shares drop after drone attacks target key oil pipeline - reuters.com

Saudi shares drop after pipeline attack, leading Gulf decline | Reuters

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Saudi shares drop after pipeline attack, leading Gulf decline

By

Ateeq Shariff

September 13, 2026

4:01 AM EDT

Updated 1 hour ago

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!A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh

A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. REUTERS/Ahmed Yosri/File Photo Purchase LicensingRights , opens new tab

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Sept 13 (Reuters) - Saudi shares fell on Sunday as new strikes on the kingdom and on ships in the Gulf tested nerves in the Middle East days after an attack on ​a Saudi oil pipeline.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1.3%, its biggest intraday fall since ‌early April, weighed down by a 1.2% decline in Al Rajhi Bank (1120.SE), opens new tab and a 3.2% slide in Saudi Arabian Mining Company (1211.SE), opens new tab.

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Oil giant Saudi Aramco (2222.SE), opens new tab slipped 1.6%, while Saudi Aramco Base Oil Co - Luberef (2223.SE), opens new tab plunged 10% to emerge as ​the session's worst performer.

The sell-off followed a precautionary shutdown of the East-West pipeline after aerial ​strikes on Thursday struck installations across the Riyadh and Medina regions, causing several ⁠injuries.

Both Riyadh and Baghdad traced the attack to Iraqi territory, where Iran-backed militias operate, prompting the ​Iraqi government to dismiss a senior military commander on Saturday.

While Saudi Arabia withheld immediate military retaliation following ​an appeal from Iraq's prime minister, Riyadh asserted its right to defend its sovereignty and critical infrastructure.

U.S. President Donald Trump on Saturday directly blamed Iran for the strikes on the conduit, which serves as the kingdom's primary ​export alternative to bypass the Strait of Hormuz.

Saudi Arabia faces an imminent shortage of export crude unless it ​restarts its key Red Sea pipeline within days — a disruption that could knock out up to 4% of world ‌oil ⁠supply, traders and buyers warned.

The potential shortfall looms over an already strained global market, where surging energy costs have exacerbated worldwide inflation and driven U.S. bond yields to their highest marks since 2008.

Persistent maritime disruptions and the continued closure of the Strait of Hormuz kept investors on edge, with ​market sentiment likely to ​remain restrained without a ⁠swift breakthrough at Monday's planned diplomatic talks in Oman between Iran and Gulf states, Milad Azar, market analyst at XTB MENA, said.

Elsewhere in the ​Gulf, Qatar's benchmark index (.QSI), opens new tab bucked the regional trend, rising 0.3% on the ​back of gains ⁠in the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab.

Gulf foreign ministers plan to meet their Iranian counterpart on Monday in an Oman-backed push to secure an interim deal on managing traffic through the Strait of Hormuz, the Financial ⁠Times ​reported on Friday.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 1.1%.

| | |
| ------------- | -------------------- |
| Saudi ​Arabia | (.TASI)fell 1.3% to |
| Qatar | (.QSI)rose 0.3% to 9 |
| Egypt | (.EGX30)fell 1.1% to |
| Bahrain | (.BAX)was flat at 1, |
| Oman | (.MSX30)closed flat |
| Kuwait | (.BKP)lost 0.2% to 9 |

Reporting by Ateeq Shariff in Bengaluru; Editing by Susan Fenton and Andrew Heavens

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