Oil rose to $80 a barrel, a three-month high, on Friday as traders digested New energy restrictions Against oil-producing Russia by the United States.

West Texas Intermediate Crude (CL=F) rose 4 percent to above $77 a barrel, while Brent crude futures (BZ=F), the international benchmark was briefly above $80 a barrel.

More than 180 shipbuilders, insurers, and top Russian energy executives, as well as two major oil companies, were named in the sanctions announced Friday morning.

“The United States is cracking down on Russia’s main source of revenue to fund its brutal and illegal war against Ukraine,” Treasury Secretary Janet Yellen said. said In a statement

Oil prices were already trending higher into 2025 and traders were bullish on President-elect Donald Trump’s policy toward producer Iran. Tehran currently produces more than 3 million barrels of crude oil per day.

“News about Trump continues to filter in. [administration’s] A tough stance on Iran that could come very soon,” BOK Financial senior vice president Dennis Kessler wrote in a note to clients on Friday.

“With freezing temperatures across much of the US, storage numbers are shrinking, and crude oil has become the new ‘fund favorite,'” he added.

Oh Hot Jobs Report The Federal Reserve likely won’t cut rates at its first meeting of the year in January — or for the foreseeable future, as more evidence of a stronger economy emerges, Yahoo Finance reports. Jennifer Schoenberger.

“I think they’re done here,” Blake Gwin, head of U.S. rates strategy at RBC Capital Markets, told Yahoo Finance on Friday.

“That January kit was almost sold out before it went to print,” added Gavin. “Now we’re looking at that March print” – ahead of the Fed’s second meeting in 2025.

Fed officials Already worried. on signs of persistent inflation, suggesting that there is reason to be cautious heading into 2025, with expectations that the new Trump administration’s trade and immigration policies could provide further upward pressure.

Read more about the Fed’s next policy move here.

Venu Sports, the sports streaming service planned by Disney’s ESPN (Dis), Warner Bros. Discovery (WBD), and Fox (Fox), will no longer debut.

“After careful consideration, we have collectively agreed to terminate the Vino Sports joint venture and not launch a streaming service,” the three companies said in a joint statement on Friday.

“In an ever-changing marketplace, we determined it was best to meet the changing demands of sports fans by focusing on existing products and distribution channels.”

Action caps off A wild week for Vino After FuboTV (FUBO) Decided all litigation Related to the first movie earlier this week. The news and sports streamer filed one. Antitrust lawsuit against platform startup last year

The settlement coincides with the announcement that Fubo, an Internet TV bundler, will join forces with Disney’s Hulu + Live TV business. Separately, Disney will roll out An ESPN flagship streaming service Serve this fall.

Fubo stock jumped nearly 10 percent in early trading Friday after surging 250 percent on Monday after the Disney deal was announced. Shares of Fox and WBD fell on the news. Disney’s stock traded flat.

The “longer” narrative just got a dose of force on Friday.

gave The nonfarm payrolls report showed a very healthy labor market: The U.S. economy added 250,000 jobs in December, while the unemployment rate fell to 4.1 percent. On the face of it, this is good news. But the fresh data also put Wall Street in a dilemma: A stronger reading could prompt the Fed to raise rates.

U.S. stocks opened back up as investors digested the final 2024 jobs report, which blew past expectations on jobs, adding more uncertainty to when the next rate cut will come.

The Dow Jones Industrial Average (^ DJI) slipped about 0.5 percent, while the S&P 500 (^GSPC) decreased by 0.6 percent. The tech-heavy Nasdaq Composite (^IXIC) fell 0.9%, falling as big gauges set up for weekly losses.

The American economy 256,000 jobs were added in December.the most in nine months and nearly 100,000 more than Wall Street expected as the labor market ended 2024 on a surprisingly high note.

The unemployment rate also fell to 4.1 percent from 4.2 percent in December. The revision showed that the unemployment rate never reached the peak of 4.3 percent initially reported in November.

Friday’s report saw Treasury yields rise as investors continued to push back expectations of a Fed rate cut in 2025, with no cuts expected before June. Stock futures fell after the report.