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Shares recovered to 34.15 riyals, but were off 0.6 percent from Tuesday's session.
Aramco shares are down about 12 percent from a peak of 38.70 riyals on Dec. 31, but still above the IPO price of 32 riyals that valued the company at $1.7 trillion, according to Reuters.
That puts the value of the company at $1.82 trillion, down from a peak of $2.06 trillion on Dec. 12.
Saudi stocks also dropped 1.4 percent amid escalating tensions between the United States and Iran.
Iran fired surface-to-surface missiles at two Iraqi bases housing U.S. troops.
The Iranian missiles came in retaliation for an American drone strike that killed top Iranian Gen. Qasssem Soleimani. Trump and his advisers are under pressure to disclose more details about the intelligence that led to the U.S. strike.
Brent crude is trading up $0.75 or 1.1 percent to $69.02 per barrel. Benchmark U.S. crude oil climbed $0.51, or 0.8 percent, to $63.22 per barrel.
The Associated Press contributed to this article.