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 futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.

Energy producers have rushed to lock in oil prices since the United States announced its harshest sanctions yet on Russian energy trade on Friday, which sent oil prices surging to multi-month highs, market participants said.

Oil prices on the New York fuel exchange remain high due to concerns about threats to the global supply of this resource, with U.S. oil reserves experiencing the longest series of declines since 2021,