Global oil prices rose on Friday as speculation mounted over potential additional sanctions targeting Russian crude oil.
West Texas Intermediate (WTI) crude for January 2025 delivery settled at $71.29 per barrel on the New York Mercantile Exchange, marking a 1.81% increase ($1.27) from the previous session. Similarly, Brent crude for February 2025 delivery climbed 1.47% ($1.08) to close at $74.49 per barrel.
Market analysts attribute the price hikes to escalating concerns over supply shortages caused by looming sanctions. A Reuters report revealed that the European Union (EU) plans to add 45 “shadow” vessels allegedly involved in exporting Russian oil to its sanctions list. The United States is also reportedly considering similar measures.
Wall Street closed out the week with mixed performance across its three main indices amid heightened volatility.
Semiconductor giant Broadcom led gains in the chip sector, achieving a market capitalization of over $1 trillion for the first time. Broadcom’s stock soared 24.43% to finish at $224.80, boosting its market value to $1.064 trillion and securing its position in the trillion-dollar club.
The surge followed Broadcom’s impressive fourth-quarter earnings report, released after Thursday’s market close. The company reported a 51% year-over-year increase in revenue, with its AI segment driving the growth. Annual AI-related revenue increased 220% to $12.2 billion, impressing investors and analysts alike.
Meanwhile, the Dow Jones Industrial Average shed 0.20% (86.06 points) to end at 43,828.06. The S&P 500 index was nearly flat, dipping 0.00% (0.16 points) to close at 6,051.09. The Nasdaq Composite, however, edged up 0.12% (23.88 points) to finish at 19,926.72.
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