Occidental Petroleum (OXY) saw its stock soar 5.51% in intraday trading, riding the wave of a broader rally in oil stocks as crude prices edged higher. The surge comes as investors closely watch developments in global oil markets and assess their impact on energy companies.

The uptick in Occidental's shares is largely attributed to the rise in crude oil prices, with Brent crude up 1.2% at $70.45 per barrel and U.S. WTI crude up 1.1% at $68.72 per barrel. Both benchmarks are on track to reach their highest closes since June 23, reflecting a positive sentiment in the oil market. This price movement comes as market participants evaluate the latest developments on U.S. tariffs and a higher-than-expected increase to OPEC+ output for August.

Occidental's performance is part of a sector-wide trend, with other major oil companies also seeing significant gains. Energy giants Exxon Mobil and Chevron rose 2.6% and 3.3% respectively, while oilfield services providers and refiners also posted notable increases. The positive momentum in the oil and gas sector underscores the strong correlation between crude prices and the performance of energy stocks, highlighting the potential for further gains if oil prices continue their upward trajectory.