RIYADH: With a $2.24 trillion market value, Saudi Aramco is close to catching the world’s most valuable company, Apple Inc. – valued at $2.6 trillion.

As its shares soared to the highest level since listing, the oil giant surpassed Microsoft, claiming its position as the second-largest valued company worldwide.

As of 11.04 a.m. Saudi time, shares stood at SR42 ($11.2) after the oil giant closed a $15.5 billion pipeline deal.

Some 30 minutes earlier the share price had slipped by 0.4 percent to SR40.4, down slightly from the record high of SR40.55 it touched at the previous close.

This came amid soaring oil prices that crossed $100 a barrel for the first time since 2014 as Russia launched military action against Ukraine this morning.

On Wednesday, Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced the successful closing of the gas pipeline deal, which saw the company hit a record $2.2 trillion valuation.