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 expected to increase it by the same rate at each of the six remaining meetings this year.
Analysts expect several European central banks to follow suit.
The Bank of England approved a 0.25 percentage point rate hike yesterday, while the Bank of Japan will maintain the interest rate at -0.1%.
The Fed's forecast of seven quarter-point interest rate hikes is not so hawkish, as real inflation-adjusted yields are still negative to the horizon, Goldman Sachs senior chairman Lloyd Blankfein wrote in a Twitter post on Thursday.
Krungsri Securities research recommends accumulative buying of stocks that will benefit from rising oil prices, such as PTT Exploration and Production (PTTEP), PTT, Thai Oil (TOP), Star Petroleum Refining (SPRC) and Bangchak Corporation (BCP).
The brokerage also likes stocks that will benefit from higher US bond yields such as Kasikornbank (KBANK), Bangkok Bank (BBL), TMBThanachart Bank (TTB) and Krungthai Bank (KTB).
MTS Gold said as concerns about the Fed's interest rate hikes began to ease while worries over oil supplies and rising inflation remain high, the spot gold price plunged to around $1,900 before rebounding to $1,950.
SPDR Gold Fund has bought 2.91 tonnes of gold and is currently holding 1,073.44 tonnes.
The Gold Traders Association downgraded the local gold price three times yesterday in the morning session. The bid price stood at 30,350 baht per 1 baht of gold weight as of 12.23pm.