Saudi Arabia's stock market has fallen to its lowest level since the Israel-Hamas war began in October 2023, dragged down by a slide in Saudi Aramco shares even as Gulf crude exports rebound, Al-Monitor reported.

The Tadawul benchmark and Aramco, the kingdom's dominant listed producer and the exchange's heaviest weighting, both came under pressure in the session that set the wartime low. Aramco's stock has tracked broader regional risk sentiment, with investors repricing Gulf exposure after the direct exchange of strikes between Iran and Israel earlier this year.

The equity weakness stands in contrast to the physical barrel. Gulf oil exports have rebounded, according to the report, suggesting freight and loadings through the Strait of Hormuz have normalized after the disruption that followed the April escalation, when Tehran launched missiles and drones at Israel and Israel answered with a strike on Iranian territory.

For upstream operators and trading desks, the divergence matters. A recovering export pace from Saudi, Emirati and Kuwaiti terminals indicates supply is moving, even as portfolio investors reduce exposure to Gulf-listed equities. Aramco remains the swing supplier within OPEC+, holding most of the group's spare capacity, so its share price often functions as a proxy for perceived regional risk rather than for barrel economics alone.

Al-Monitor attributed the market move to Aramco's slide, without quoting company or exchange officials. Neither the Tadawul nor Aramco has commented separately on the trading level.

The report did not specify the index's percentage decline or Aramco's closing price, so the scale of the drop remains unquantified beyond the October 2023 threshold mark.

Watch items: the next Tadawul close relative to the wartime floor, Aramco's dividend-backed valuation as the June distribution date approaches, and OPEC+ supply decisions that could tighten or loosen the spare-capacity cushion underpinning Gulf barrels.