Berkshire shares reached their highest level since Buffett announced he would step down as chief executive, moving against a broader market sell-off as higher oil prices benefited its investment in Chevron.

The $19 billion Chevron stake puts the oil company’s rally in focus for Berkshire. Chevron closed Friday at an all-time high, having gained almost 36% since the start of July. That advance provides a positive backdrop for the holding as Berkshire’s own shares reach their strongest level since the leadership announcement.

The two share-price milestones are distinct. Berkshire’s latest level marks a high for the period since Buffett said he would relinquish the chief executive role, rather than an all-time record. Chevron’s Friday closing level, by contrast, was a record close.

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Berkshire’s rise also stands apart from the direction of the wider market. Its shares advanced during the sell-off, with the Chevron investment benefiting from higher oil prices. The almost 36% gain describes Chevron’s performance since the start of July, not the return on Berkshire’s shares or the change in the value of its holding.

Higher oil prices provide a positive backdrop for Berkshire’s investment in Chevron. For Berkshire, the latest share-price milestone remains tied to the period following Buffett’s announcement that he would step down as chief executive, while its substantial Chevron position gives the oil company’s record close particular relevance.