Oil prices surged by 3% following the introduction of new sanctions against Russia by the United States, according to Reuters.

On Friday, oil prices surged by nearly 3%, marking the highest increase in the past three months. This rise is attributed to traders preparing for supply disruptions due to a comprehensive package of U.S. sanctions targeting Russia's oil and gas revenue.

This information comes from RBK-Ukraine citing Reuters.

Specifically, Brent crude futures closed at $79.76 per barrel, climbing by $2.84 or 3.7%, after the price surpassed $80 per barrel for the first time since October 7.

Meanwhile, West Texas Intermediate crude futures rose by $2.65 or 3.6% to $76.57 per barrel, also reaching a three-month high.

At the peak of the session, both contracts increased by over 4% after traders in Europe and Asia circulated an unverified document detailing the sanctions.

Sources in Russian oil trading and Indian refining reported to Reuters that the sanctions will significantly disrupt oil exports to Russia's main buyers - India and China.

According to UBC analyst Giovanni Stauvono, the sanctions will lead to a reduction in Russian oil export volumes and make it more expensive.

He also noted that the implementation of new restrictions ahead of the inauguration of President-elect Donald Trump suggests that Trump will maintain the sanctions and use them as a negotiation tool for a peace agreement with Ukraine.

"We anticipate a substantial annual increase in global oil demand of 1.6 million barrels per day in the first quarter of 2025, primarily driven by... demand for fuel oil, kerosene, and liquefied petroleum gas," analysts at JPMorgan stated in a note on Friday.

It is worth mentioning that yesterday, the U.S. Department of the Treasury imposed sanctions on more than 30 Russian oil service companies. The list also included the heads of several major Russian oil firms.

Reuters adds that the Biden administration has sanctioned Russian oil producers, tankers, intermediaries, traders, and ports, aiming to strike at every stage of the oil extraction and distribution chains.