Liberty Energy and Seadrill stocks fall as crude oil drops to lowest since Iran war

Riyadh, Saudi Arabia, faced two air-raid warnings in the early hours of today, September 19, marking the first time the country's capital has seen such alerts since the period when war between the United States and Iran intensified in March and April. Saudi Arabia's early-warning system issued an emergency alert in Riyadh at 4:00 a.m. and again at 6:00 a.m., without disclosing further details. Meanwhile, Saudi Arabia's civil defense authority said the danger had ended shortly after both alerts. Other areas across the country received similar warnings throughout the past night, including Jeddah and Yanbu on the Red Sea, as well as Farasan Island in the Red Sea. The warnings came amid a new wave of attacks Saudi Arabia has faced in September, with the Iran-backed Houthis based in Yemen striking cities in western Saudi Arabia, including energy infrastructure, over the past week. The Saudi government said a drone attack from Iraq, home to several Iran-backed armed groups, forced the East-West oil pipeline to halt operations. In addition, attacks on the pipeline and Iran's closure of the Strait of Hormuz have sharply reduced Saudi Arabia's oil exports and created further problems for Crown Prince Mohammed bin Salman, the kingdom's leader. The renewed conflict also risks affecting Saudi Arabia's efforts to attract investment and tourists, part of its push to diversify the country's economic structure. In October, Riyadh is scheduled to host Saudi Arabia's flagship investment conference, the Future Investment Initiative, with the 2026 annual gathering set to welcome several senior Wall Street executives, including JPMorgan Chase & Co CEO Jamie Dimon and David Solomon of Goldman Sachs Group.