Saudi Aramco is neck and neck with Apple for title of world's most valuable company as oil rally pushes it to $2 trillion market value

• Saudi Aramco is now worth $2 trillion, just shy of Apple, the world's most valuable company.
• The oil giant has been gaining steam thanks to soaring energy prices and a supply shortage.
• Meanwhile, tech stocks have been under pressure amid rising inflation.

As global energy prices soar, Saudi Aramco is close to securing its spot as the most valuable company in the world - a title currently held by Apple.

The Saudi Arabian oil company is now worth about $2 trillion, just shy of Apple's $2.3 trillion, and the oil giant could continue gaining ground as prices for energy continue to rise amid a global rally.

Global energy prices have been booming amid a supply shortage in part caused by loosening COVID-19 restrictions in some countries. As of the Tuesday close, West Texas Intermediate crude, the US oil benchmark, was at $79.09 per barrel, and Brent crude, oil's international benchmark, was at $82.56 per barrel. Meanwhile, natural gas prices have been hitting daily highs.

Bank of America analysts estimated prices could reach more than $100 per barrel for the first time in seven years, Bloomberg reported, noting that the rising prices add to Saudi Aramco's bottom line.

Earlier this week, OPEC+ decided to maintain its current schedule of gradual hikes in oil production, despite growing calls to produce at a faster rate. The announcement caused oil prices to rally.

Conversely, rising bond yields and inflation have been weighing on tech stocks, such as Apple. Shares of the iPhone maker have fallen 10.6% since September 7 and traded at $140.03 at 11:09 a.m. in New York Wednesday.