Saudi Aramco overtakes Apple as world’s most valuable company

Soaring commodity prices swell oil giant's profits as tech stock slide pegs back iPhone maker

Apple has lost its crown as the world's most valuable company to the oil giant Saudi Aramco, as soaring commodity prices swell profits at energy companies and technology stocks continue to slide.

In a sign that the old economy is reasserting itself over the new this year, Aramco eclipsed Apple on Wednesday night amid the ongoing rout on Wall Street.