Oil futures ended sharply higher on Friday, as fresh U.S. sanctions on Russia’s oil sector looked to threaten global supplies and as winter storms in the U.S. were expected to boost demand for heating fuels.

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 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.

Zelenskiy, writing later on X, expressed thanks for British sanctions imposed on Russian oil companies, saying that London "delivers yet another significant disruption to (Russian

Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia and Iran. Brent crude futures gained $2.

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.

Russian oil producer Gazpromneft shrugged off the impact of major new U.S. sanctions on Friday, while insurance company Ingosstrakh said they would create a market vacuum that would benefit less reputable competitors.

By Timothy Gardner, Daphne Psaledakis, Nidhi Verma and Dmitry Zhdannikov WASHINGTON/NEW DELHI/LONDON (Reuters) -U.S. President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday,