On September 8, Occidental rose 3.1% in regular trading, trading at approximately $61.37/share, with turnover of around $50.43 million. The rally was driven by escalating Middle East geopolitical tensions, which fueled concerns over crude oil supply disruptions and supported elevated international oil prices.

On the news front, the U.S.-Iran conflict has intensified further, compounded by ongoing risks of shipping disruptions in the Middle East. Market anxiety over potential supply constraints has kept crude oil prices at elevated levels, broadly lifting the energy sector. Earlier this summer, similar geopolitical escalation saw WTI crude surge above $88/barrel, with analysts flagging that any significant reduction in Strait of Hormuz oil flows could push Brent crude toward $120/barrel.

Fundamentally, Occidental reported strong Q2 results in early August, with revenue of $8.32 billion — up 57% year-over-year — and adjusted EPS of $2.40, both exceeding expectations. The company raised its quarterly dividend by 8% to $0.28/share and projects over $1.2 billion in free cash flow improvement, excluding oil price tailwinds. Global production reached 1.433 million barrels of oil equivalent per day, surpassing its own guidance range.

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