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 on Friday as the U.

Oil prices surge to three-month highs as U.S. broadens sanctions on Russian oil and winter weather lifts demand for heating fuels.

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 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,

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