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Saudi Aramco is set to take the throne of the world’s highest-value company and supplant tech giant “Apple”.
Shares of the state-owned oil giant surged on rising energy prices, bringing its market value to $ 2 trillion, just below Apple’s $ 2.3 trillion.
The stock prices of the two giants are an indicator of the development of the world economy this year. Apple stocks have struggled as consumers curb their spending on home entertainment which has exploded during the pandemic and begins to return to normal. The return of transport activity due to the opening of economies has led to a surge in oil prices which directly feeds Aramco’s profits.
There is reason to believe Aramco shares may continue to rise, as analysts at Bank of America have said the global energy crisis could help push oil prices above $ 100 a barrel for the first time since 2014, Bloomberg reported.
In contrast, Apple is under pressure as investors are cautious of highly rated tech stocks amid rising bond yields.
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