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

Friday closed up +0.12 (+0.63%), and March London ICE white sugar #5 (SWH25) closed up +1.90 (+0.38%). Sugar prices Friday posted moderate gains. Short covering emerged in sugar futures Friday after WTI crude oil prices (CLG25) jumped more than +3% to a 3-month high.

The Biden administration has imposed some of its toughest sanctions yet on Russia, in a move designed to hit Moscow's energy revenue that is fuelling its war in Ukraine. The measures target more than 200 entities and individuals ranging from traders and officials to insurance companies,

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. President Joe Biden's administration 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 on Friday as the U.

Oil had a dramatic day as the US imposed its most aggressive sanctions on Russia’s industry and prices surpassed $80 a barrel. Brent futures at one point hit their highest mark since early October. The sweeping penalties are part of an effort by the outgoing Biden administration to boost Ukraine’s leverage in possible peace negotiations after Donald Trump takes office.

The U.S. Departments of Treasury and State Friday applied new sanctions on Russia's oil production and exports. Sanctioned were oil companies, 183 ships, dozens of oil traders, insurance companies and energy officials.