Oil stocks rallied after the crude oil price hit US$109 per barrel on worries that sanctions on Russian crude could lead to supply shock.
Crude extended the price surge after the International Energy Agency warned that sanctions on Russian supplies that will take effect in April would prevent Russia from exporting more than 3 million barrels of oil per day.
An analyst at Krungsri Securities said fears over a supply crunch and a prolonged conflict between Russia and Ukraine are pushing oil prices to hover above $100 per barrel.
The Dow Jones Index rallied as Russia escaped a debt default by paying interest on two dollar-denominated bonds totalling $117 million.
Stocks of oil-related firms listed on the Stock Exchange of Thailand rose in line with higher crude oil prices.
On Thursday, the Federal Reserve raised the interest rate by 0.25 percentage points and is…
