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.

Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela,

Goldman Sachs is warning of potential upside risks to oil prices following U.S. sanctions on Russia's energy sector, with Brent crude already approaching $80 per barrel and the possibility of hitting $90 under certain scenarios.

In the run-up to his departure from the White House, President Joe Biden has slapped a number of major new sanctions on Russia’s financial systems and energy sector. The U.S. originally threatened Russia with “the mother of all sanctions” as Moscow prepared to invade Ukraine in February 2022.

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,