A sulfur tolerant oxidation catalyst with appreciable NO and HC oxidation capabilities has been developed for use in any component of an exhaust aftertreatment system for a lean-burn engine where the oxidation of at least NO is desired. Several non-exclusive examples of such components where the oxidation catalyst may be employed include a DOC and a LNT. The oxidation catalyst may comprise perovskite oxide particles that support palladium particles. The ability of the palladium supported perovskite oxide particles to concurrently oxidize NO and HC's can significantly diminish or altogether eliminate the use of platinum in the exhaust aftertreatment system for at least NO oxidation. The oxidation catalyst, moreover, may exhibit superior thermal durability and better NO and HC oxidation activities than platinum in some instances.