RIYADH: Saudi Aramco shares soared over 3 percent to another all-time high of SR44.5 ($11.9) in early trading on Thursday.

This brought the oil giant’s market value to as much as $2.37 trillion, positioning it as the second-largest valued company worldwide after Apple Inc.

Shares in Aramco have been on the rise in recent days, repeatedly hitting new highs.

This comes as oil prices continue to spike, beefing up energy companies even as Ukraine-Russia tensions rattle stock markets globally.

In early Thursday trading, Brent crude topped $117 per barrel for the first time in nine years, and US benchmark WTI hovered near $114 per barrel.

Despite the significant jump in oil prices seen recently, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, decided to stick to the existing policy of increasing oil output by 40,000 barrels per day in April.