Aramco Is Fast Closing In on Apple for Top Market Cap Spot
- Apple hit in market selloff as Aramco gains on oil-price surge
- Aramco still more than 10% away from iPhone giant’s value
An employee near an oil processing facility at the Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia.
Photographer: Maya Sidiqqi/BloombergThis article is for subscribers only.
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. 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.