A fresh wave of U.S. sanctions against Russia’s oil industry threatened to disrupt global supplies, sending crude prices to their highest in more than four months.

Scott Bessent, Donald Trump’s nominee for Treasury secretary said he supports dialling up the sanctions on the Russian oil industry to end the war in Ukraine.

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.

Russia's vast Arctic oil business is facing major disruption from U.S. sanctions on its tankers and depots, stranding crude supplies previously snapped up by Asian buyers in storage, according to three sources familiar with its logistics.

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

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.

At least 65 oil tankers have anchored in various locations around the world, including off the coasts of China and Russia, since the US announced a new package of sanctions on January 10, Reuters reports.

At least 65 Russian oil tankers have been forced to anchor and suspend shipments following the imposition of the toughest U.S. sanctions yet on Russia’s oil and gas sector. The sanctions were announced on January 10,

Sweeping U.S. sanctions on Russia's oil industry will make it more expensive for Moscow to sell its oil and complicate sea-borne crude exports due to restrictions on tankers, analysts and traders said on Monday.