Occidental Petroleum (OXY) shares surged 5.00% in the 24-hour period, as the energy sector benefited from a significant jump in crude oil prices and ongoing support from Warren Buffett's Berkshire Hathaway.

The rally in oil prices, which saw crude jump nearly 5%, was primarily driven by escalating tensions in the Middle East and positive developments in the China-U.S. trade deal. These factors have bolstered the outlook for global energy demand, providing a tailwind for major oil producers like Occidental.

Adding to the bullish sentiment, Warren Buffett's Berkshire Hathaway continues to show confidence in Occidental. The conglomerate has invested $35 million in Occidental stock this year at $46.82 per share, bringing its total investment over the past three years to $6.9 billion. Occidental now ranks as Berkshire's seventh-largest investment, underscoring Buffett's long-term faith in the company.

Investors are also encouraged by Occidental's strong financial performance and strategic moves. The company generated $2.1 billion in cash flow in the first quarter of this year and has been actively improving its balance sheet. In Q1, Occidental sold $1.3 billion worth of assets and repaid $2.3 billion in debt, demonstrating its commitment to financial stability and operational efficiency.