Shares of Saudi Aramco hit their highest level since listing, at SR43.10 on Wednesday.
The stock closed 4% higher at SR43.05 per share, its highest closing since stock debut, with nearly 40 million shares traded at a value of SR1.7 billion.
Accordingly, Saudi Aramco’s market capitalization reached SR8.61 trillion (equivalent to $2.3 trillion).
Oil prices exceeded $113 a barrel during Wednesday's trading, as tensions in Eastern Europe continued, with Western countries imposing sanctions on Russia in response to its invasion of Ukraine.
Aramco was listed on the Saudi market in December 2019. Aramco’s primary objectives encompass all aspects of energy-related activities, including hydrocarbons, chemicals and other related and complementary industries, or any other activity within or outside Saudi Arabia.