Saudi Aramco has overtaken Apple as the most valuable company in the world, due to the recent surge in oil prices, as well as a strong drop in the value of Apple shares.Discuss
Aramco is now worth about $2.43 trillion, while Apple is worth $2.37 trillion, according to Refinitiv. This is a good example of how market capitalization often fluctuates: earlier this year, Apple broke the $3 trillion mark, becoming the first to do so.
Oil prices have skyrocketed to record highs this year, especially amid fears of supply disruptions from Russia. This has boosted the likes of Saudi Aramco, whose shares are up 27% this year. Meanwhile, Apple shares have fallen more than 17% since January. temporarily blocked.