Oil prices surge to three-month highs as U.S. broadens sanctions on Russian oil and winter weather lifts demand for heating fuels.

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 on Friday as the U.

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.

Washington on Fridayimposed some of its most sweeping sanctions on Russia’s oil industry since the full-scale invasion of Ukraine, targeting two Russian oil majors, as well as Russian oil executives,