The officials from the French Foreign Ministry said that several countries had representatives at the ceremony, held at a cemetery for non-Muslim dead.
The identities of the victims were unclear.
Wednesday marks the 102nd anniversary of the armistice ending World War I and is commemorated in several European countries.
The French officials spoke on condition of anonymity in line with regulations.
The attack follows on the heels of a stabbing Oct. 29 that slightly wounded a guard at the French Consulate in the city of Jeddah.
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The stabbing was carried out by a Saudi man, who was arrested. His motives remain unclear.
France has urged its citizens in the kingdom to be "on maximum alert" amid heightened tensions after an assailant decapitated a French middle school teacher who showed caricatures of the Prophet Muhammad in class.
The French president’s support for caricatures as a cornerstone of free speech has riled some Muslims who view the depictions as incitement and a form of hate speech.
Wednesday's attack follows on the heels of an Oct. 29 stabbing that slightly wounded a guard at the French Consulate in the city of Jeddah.