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.

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 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 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.

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

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.

The measures include sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, and the blacklisting of 183 vessels involved in Russian energy exports. Dozens of traders, Russia-based oilfield service providers,

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 United States is taking sweeping action against Russia's key source of revenue for funding its brutal and illegal war against Ukraine," Treasury Secretary Janet Yellen said.