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.

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.

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 Group of Seven democracies have sought to crimp Russia’s oil export earnings that help fund the war against 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.

"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.

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.

The United States on Friday imposed sweeping sanctions on Russia's energy sector to try to limit funding for Moscow's war in Ukraine. The sanctions target two of Russia's largest oil companies, Gazprom Neft and Surgutneftegas,

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.