Oil prices, Saudi Aramco shares soar as Ukraine fighting continues
Saudi Arabia, Russia and other major oil producers have so far declined to increase production despite pleas from the United States.
Oil prices have reached almost $120 a barrel as the war in Ukraine continues to impact the world economy.
Brent crude, which is regarded as the global benchmark for oil prices, traded at more than $119 a barrel by 2:43 a.m. ET. The price dropped to more than $112 later in the day, according to MarketWatch.
The stock of Saudi Arabia’s state-owned oil company Aramco also reached an all-time high of around 45 riyals ($12) a share today, according to Markets Insider.
The Saudi news outlet Arab News reported that Aramco’s value has reached $2.3 trillion, making it the second most valuable company in the world after Apple.
