Saudi Aramco surpasses Apple to become world's most valuable firm

Saudi Arabia's state-owned oil company Saudi Aramco on Thursday surpassed US technology firm Apple to become the world's most valuable company.

The stock price of Saudi Aramco closed at 44.70 Saudi Riyal ($11.92) per share on the country's stock exchange Tadawul for a market capitalization of 8.94 trillion Saudi Riyal ($2.38 trillion).

Apple's stock price was at $146.07 per share on the US' tech-heavy Nasdaq index at 11.10 a.m. EDT for a market value of $2.36 trillion.

This is the first time Saudi Aramco's market value has overtaken Apple since 2020.

Since the start of this year, Apple saw its stock price fall approximately 20%, while Aramco shares jumped almost 28%, according to official figures.

While Apple has been struggling with supply chain bottlenecks, chip crisis and rising consumer inflation, Saudi Aramco has benefited from rising crude oil prices.

The price of international benchmark Brent crude soared to $139 per barrel in March, its highest level since 2008.

Global oil demand rapidly climbing well above crude supply in the post-pandemic period has been instrumental in rising oil prices.

In addition, the Russia-Ukraine war threatening secure crude supply to Europe has further pushed prices higher.