Oil price risks are skewed to the upside due to sanctions supply disruptions, said Samantha Dart, co-head of global commodities research at Goldman Sachs. The Energy Select Sector SPDR Fund ETF (XLE) is up 8.

Oil prices slipped on Tuesday after a U.S. government agency forecast steady U.S. oil demand in 2025 while lifting its forecast for supply.

Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.

Occidental Petroleum is poised for long-term growth and potential outperformance in 2025 due to stricter oil sanctions. Read more on OXY stock here.

Occidental Petroleum (NYSE: OXY) -- the oil and gas stock lost 17.3% value in the year, according to data provided by S&P Global Market Intelligence. Occidental was, in fact, one of the worst-performing large-cap energy stocks of 2024,