Oil giant Saudi Aramco is narrowing the gap with Apple Incfor 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 US$2.3 trillion. Shares in iPhone maker Apple, meanwhile, have fallen 11% this year amid a broad market selloff, reducing its market value to about US$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.
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