Saudi oil giant Aramco shares hit record high

Saudi energy giant Aramco’s shares rose to a record high on Wednesday amid a surge in global oil prices following Russia’s invasion of Ukraine.

Aramco’s stock was trading at 42.9 Saudi riyals ($11.4) in Riyadh, according to the Saudi Tadawul market website.

The Gulf kingdom — the world’s top crude exporter — has remained the firm’s majority shareholder since a December 11, 2019 listing.

Aramco had priced its landmark initial public offering at 32 riyals ($8.53) per share and it soared the maximum limit to 35.2 riyals on its market debut.

Crude surged past $113 a barrel Wednesday with investors growing increasingly fearful about the Ukraine war’s impact on global energy supplies.