Oil prices rallied nearly 3% to their highest in three months on Friday as traders braced for supply disruptions from the broadest U.S. sanctions package targeting Russian oil and gas revenue. The Biden administration on Friday imposed fresh sanctions targeting Russian oil producers,

Crude prices are having one of their best days in a year, rallying as much as 5% amid concerns that icy weather in the oil patch will crimp domestic supply, while tighter sanctions on Russia and Iran may eliminate barrels from global markets.

Oil futures rose sharply early Friday, trading at their highest since October with support tied to cold weather in the U.S. and elsewhere and supply concerns.

The U.S. Treasury Department is sanctioning Russian oil companies, tankers, officials and executives. Oil prices jumped on worries that crude supplies would face disruptions. Oil prices jumped more than 3% on Friday as the U.

The document, purported to be from the U.S. Treasury, was being circulated among traders in Europe and Asia. Reuters could not verify the veracity of the document

Key Takeaways Oil prices rose Friday morning, with global benchmark futures recently at their highest levels since the fall.Part of the reason: a report citing the possibility of heightened U.S. sanctions on Russia that could be stoking demand fears.

Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50,