Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.

Aramco traded near its highest level on record on Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. The iPhone maker fell 5.2% to close at $146.50 per share, giving it a valuation of $2.37 trillion.

Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores the power of major forces coursing through the global economy.

Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.

Wall Street fell on Wednesday again amid concern over the latest US inflation data. The Dow Jones Industrial Average fell 326.63 points (1.02%) to 31,834.11. The tech-heavy stock index Nasdaq Composite dropped 3.18% to close at 11,364.24 and the S&P 500 slipped 1.65% to 3,935.18.