Oil prices jumped more than 4% on Friday, with global benchmark Brent breaking $80 per barrel for the first time since October on fears that tougher U.S. sanctions on Russia will disrupt crude supplies.

The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.

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 Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia's oil and gas revenues in an attempt to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal for peace in Ukraine.

The U.S. Departments of Treasury and State Friday applied new sanctions on Russia's oil production and exports. Sanctioned were oil companies, 183 ships, dozens of oil traders, insurance companies and energy officials.

By bne IntelliNews The Biden administration has unveiled its most extensive sanctions on Russia’s oil and gas business yet in a bid to give Ukraine and the incoming Trump admiration more leverage in widely expected ceasefire talks that may start soon,

The Biden administration's new sanctions target Russia's oil giants Gazprom Neft and Surgutneftegas, shadow fleet vessels, and opaque traders. Oil prices surged, while European equities slid as investors fear tighter global supply.