Saudi Aramco has beaten Apple Inc (NASDAQ:AAPL) to become the most valuable company, the Financial Times reports.
The Saudi Arabian oil company's market cap on May 11 reached $2.426 trillion, surpassing Apple's $2.415 trillion by over $10 billion.
Higher oil prices have pushed shares of the world's biggest crude exporter to record levels while a broader tech stock sell-off weighed on the iPhone maker.
Oil prices surged to a 14-year high of $139 a barrel in March following Russia's invasion of Ukraine, which has helped some of the world's biggest oil and gas companies deliver record profits in the first three months of the year.
However, Apple's shares have suffered in recent months as investors reassess lofty valuations in the tech sector due to a reversal in monetary policy and inflation.
Apple became the first company to hit a $3 trillion market cap in early January. Apple chief Tim Cook said supply shortages and lockdowns in China could cost up to $8 billion this quarter.
Saudi Aramco is likely to announce bumper profits when it reports Q1 earnings on May 15.
Price Action: AAPL shares traded lower by 3.41% at $141.51 on the last check Thursday.
