With a market value of $2.464 trillion, Saudi Aramco briefly topped the list of the world’s most valuable companies, surpassing US technology giant Apple Inc.’s $2.461 trillion value.

On Tuesday, Saudi oil giant’s shares reached their highest level at SR46.20 in early trading on the Saudi Exchange (Tadawul). The price of Saudi Aramco’s shares dipped slightly later in the day to SR46.05 at 11:53 a.m. Saudi time, reflecting a market capitalization of SR9.21 trillion.

By market capitalization, the company is now the second-largest after Apple.

Aramco has consistently reached record highs due to the strong price of oil.

With a $1.978 trillion market value, Microsoft ranked third.