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Brent crude futures settled at US$79.76 a barrel, up US$2.84, or 3.7%. US West Texas Intermediate crude futures rose US$2.65, or 3.6%, to settle at US$76.57 per barrel.
NEW YORK: Oil prices rallied nearly 3% to their highest in three months on Friday as traders braced for supply disruptions from the broadest US sanctions package targetting Russian oil and gas revenue.
President Joe Biden's administration imposed fresh sanctions targeting Russian oil producers, tankers, intermediaries, traders and ports, aiming to hit every stage of Moscow's oil production and distribution chains.