iPhone is 'Most Precious Commodity' in the World, Apple eclipses Exxon Mobil

The mind-blowing earnings report from Apple for the first fiscal quarter of 2012, which took almost everyone by surprise with its scale, has greatly boosted its share price and valuation.

Consequently, Apple will become the most valuable company in the world once again. With a market capitalisation of around $420 billion, the Cupertino-based company will surpass Exxon Mobile as has done, on a few occasions during 2011.

For the moment, as Eric Rosenbaum, writer for business website TheStreet, puts it, Apple's most successful product, the iPhone can be seen as more valuable than crude oil. "With an iPhone costing $199 with a two-year contract and a barrel of oil hovering around the $100 mark, the most precious commodity in the world isn't just reflected in the new king of market cap," Rosenbaum comments.

When it comes to market capitalisation, last year the race at the top had Apple clenched in a battle with Exxon Mobil and Warren Buffett's Berkshire Hathaway. Now, the two powerful companies have left behind Berkshire and analysts are watching a two horse race.

Apple doesn't look like slowing up, with the iPad 3 and iPhone 5 not far off, and huge markets like China, far from being fully exploited.