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.

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 United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a purported U.S. Treasury document circulating among traders in Europe and Asia that drove global oil prices 3% higher on Friday.

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,

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.