Saudi stocks closed at their lowest level in five years, as investors looked past soaring oil prices to the conflict driving them.
The main index fell 2.3% on Thursday to 9,696 points.
Losers swamped gainers, with 269 stocks down and just 15 up. It was the market's eighth straight weekly loss.
The contradiction
Brent crude is trading above $115 a barrel, usually good news for an oil economy.
But this rally is driven by the conflict itself, and the same fighting puts regional supply and shipping routes at risk.
Why it matters
Higher oil prices are not translating into confidence. Investors are pricing in disruption, not windfalls.
The bigger picture
Flight cancellations, postponed conferences and rerouted shipments are now showing up in company results and spending data across the Kingdom.
What to watch
Whether the selling spreads beyond the most exposed sectors, or the index finds a floor near current levels.
