Image Credit: Bloomberg

Dubai: Saudi Aramco's share prices have increased to a record high following the surge in oil prices.

Aramco’s shares closed at SR43.05 on Wednesday, up 3.86 per cent, after hitting an intra-day high of SR43.15. This is the biggest surge in Aramco's share value since its 2019 listing.

Aramco had priced its landmark initial public offering (IPO) at SR32 ($8.53) per share which then soared to SR35.2 on its market debut.

The record increase in Aramco's share value has pushed the energy sector to rise by 3.23 per cent, outpacing other sectors' gains.

The recent rise in Aramco’s stock has pushed the company’s market value, making it the second most valuied company in the world after Apple.