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 $1.

The United States on Tuesday issued fresh Iran and Russiarelated sanctions targeting individuals and entities over interference in the 2024 U.S. election, according to a posting on a Treasury Department website.

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. 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 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.

Oil rose to $80 per barrel, the highest level since October, as the US announced new sanctions against Russia.