The United States will impose more sanctions on Russia, causing oil prices to soar to a three-month high.

Oil prices surged to a three-month high on Friday as the market digested a report that Indian refiners are getting ready for the new sanctions that the U.S. is about to implement, which could impact oil supplies from Russia. Brent crude futures rose to $79.77 per barrel at one point. According to unnamed sources in the Indian refinery industry cited by foreign media, the new stricter measures will target over 180 ships transporting Russian oil, as well as the country's maritime insurance providers. Although the market had already anticipated that the U.S. could impose more sanctions on Russia, the specific scope has been unclear. This action targeting such a large number of oil tankers may restrict the number of vessels Russia can use. Ole Hansen, head of commodity strategy at Saxo Bank, said: "The additional U.S. sanctions on Russian oil and insurance industries have added fuel to the fire in the market, as it raises the possibility of reduced supply during the peak winter demand season." Furthermore, factors such as the decrease in U.S. crude inventories, reduced Russian maritime exports, and cold weather have also supported the market. The prompt spread for Brent crude (the price difference between the two nearest contracts) widened to 99 cents per barrel, signaling a bullish backwardation pattern. A month ago, this spread was only 29 cents.