$116 Oil Just Made Saudi Aramco Bigger Than Meta
A single afternoon's trading reshuffled the global wealth rankings in a way that would have seemed impossible six months ago, and it raises an urgent question for anyone holding US energy stocks right now.
At the close on October 26, 2026, Saudi Aramco ranked No. 8 among the world’s most valuable companies, with a market value of $1.651 trillion. Meta Platforms (NASDAQ:META | META Price Prediction) fell to No. 9 at $1.606 trillion, so the gap between them was only about $45 billion.
Brent crude near about $116 a barrel drove the swap. It settled at $115.81 after trading as high as $117.21 during the session.
Aramco trades only in Riyadh, so you can’t buy the company that just passed Meta on a US exchange. What you can decide is whether US oil stocks deserve new money when a commodity price is changing the global rankings.
How Aramco Passed Meta in One Session
Aramco shares rose 1.67% to 25.60 riyals, or about $6.83. On October 25, they had fallen 0.9%, when the Saudi index dropped 2.7% as fighting between Saudi Arabia and the Houthis raged on.
Saudi trading closes before New York opens, so Aramco’s gain came before Brent settled 91 cents lower.
Meta fell $12.06, or 1.88%, to $630.56. The drop came on the same day it announced a sale of up to $95 billion in stock to pay for AI data centers. That close is about 19% below its 52-week high of $779.82.
How Aramco and Meta Swapped Spots Through 2026
Meta finished 2025 worth $1.671 trillion, ahead of Aramco’s $1.527 trillion.
Aramco moved in front at some point after that. Crypto Briefing reported on July 15, 2026, that Meta had barely passed it again at about $1.67 trillion.
As of October 26, Aramco’s market value was up 8.07% for 2026, and its shares were up 7.43%. Meta’s market value was down 3.92%.
Higher oil is going straight into Aramco’s profits.
Brent’s settlement is roughly double the $61 to $63 range it traded in during the last week of 2025. Aramco controls Saudi production, so almost every extra dollar per barrel becomes profit, whereas Meta’s value depends on ad growth and on whether its AI spending pays for itself.
Aramco’s ranking therefore rests on a price it doesn’t control, and it could reverse as quickly as it arrived.
Aramco’s Earnings Already Show the Windfall
Aramco reported second-quarter 2026 net income of $32.7 billion and adjusted net income of $33.4 billion, compared with $22.67 billion a year earlier. It declared a base dividend of $21.9 billion.
“Even through periods of uncertainty, Aramco has stayed anchored to its long-term priorities,” President and CEO Amin H. Nasser said in the company’s second-quarter results release.
Aramco is also reportedly close to a loan with major global banks, though it has not announced any terms. Its next quarterly report will show how much of the autumn price spike reached earnings.
What Oil at $116 Means for US Energy Stocks
The bull case rests on supply. Brent rose above $100 earlier in 2026 after the de facto closure of the Strait of Hormuz, and the renewed Saudi-Houthi fighting keeps that risk alive.
The bear case is that high prices tend to bring themselves down. A ceasefire, demand destruction (buyers using less fuel because it costs too much) as governments cut fuel use, or an OPEC decision to pump more. Any of these could push Brent down quickly. A broad basket of US energy stocks is already up 58.84% in 2026.
My view is that oil stocks look fully priced with oil at about $116. Their prices already assume a supply disruption with no set end date, and the price driving their gains is one these companies don’t control.
For investors seeking energy exposure, low-cost producers with steady dividends look safer than the broader group near a six-month high in crude. Aramco’s next quarterly report is the date to check: if Brent is back below $100 by then, Meta will likely regain the higher spot.
Contact [email protected] for any questions or corrections.
Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
