Saudi energy giant Saudi Aramco officially overtook tech company Apple as the most valuable firm on the international market earlier this week.
Aramco reported a market valuation of slightly under $2.4 trillion on Wednesday, as Apple dropped more than 5% during Wednesday trading with a current worth of $2.3 trillion.
The Saudi oil and gas company has been benefiting from rising oil prices on the back of supply instability due to Russia’s invasion of Ukraine, which saw oil prices skyrocket past the $100 level to peak at almost $130 per barrel in mid-March.
The price of Brent crude currently stands at $109 per barrel at the time of writing.
Apple has seen a series of disruptions to its productivity in 2022, with Covid-19 lockdowns in tech hub Shanghai sending investors into a panicked frenzy of selling shares in the US-listed group.
Apple shares have so far taken a fall of almost 20% since its $182.9 high point on 4 January this year.
Meanwhile, Aramco have seen its stock climb 27% in the year-to-date, with its recent profits reported in March more than doubled as a result of surging oil prices.
