Saudi Aramco is close to claiming the prized position of the world’s most valuable company from Apple Inc.

The Saudi state oil giant has soared on the back of higher energy prices, bringing its market value to $2 trillion, just shy of Apple at $2.3 trillion.

The share prices of the two corporate giants are symbolic of how the global economy is changing this year. Apple shares have suffered as consumers rein in spending on home entertainment and get back into the world. All that transportation activity has sparked a boom in oil prices that feeds directly to Aramco’s bottom line.

There’s reason to believe that Aramco could continue climbing. Bank of America Corp. analysts have said the global energy crunch could help propel oil prices above $100 a barrel for the first time since 2014.

At the same time, Apple is coming under pressure as investors turn cautious on expensive tech stocks amid rising bond yields.

—With assistance from Paul Wallace and Paul Jarvis.