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.

Global oil prices closed at their highest level since August, boosted by the prospect of new sanctions reducing Russian crude exports. Benchmark Brent crude futures rose 1.6% Monday, to $81.01 a barrel,

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,

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.

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.

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,