Oil giant Saudi Aramco is narrowing the gap with Apple Inc. for the title of the world’s most valuable company.
Benefiting from oil prices hitting the highest since 2008, Aramco shares have jumped 15% in less than three weeks, giving it a market capitalization of over $2.3 trillion, Bloomberg reported.
Shares in iPhone maker Apple, meanwhile, have fallen 9% this year amid a broad market selloff, reducing its market value to about $2.6 trillion.
Though Aramco is still more than 10% away from reclaiming the top spot, the continued surge in energy prices as countries impose sanctions on Russia’s oil has raised the possibility.
“Everybody wants to stick to commodities,” said Mazen al-Sudairi, Al Rajhi Capital’s Head of Research.
With oil at $130 a barrel, Aramco’s earnings -- due later this month -- are set to get a big boost, giving the oil giant room to increase its dividend, Bloomberg quoted him as saying.
