Global crude oil prices rose for the third straight week to a three-month high as traders braced for supply disruptions from the US sanctions against Russia. Brent crude oil futures jumped 3.7 percent this week to end at 79.76 dollars a barrel, after crossing 80 dollars a barrel for the first time since October 7. US crude oil futures surged 3.6 percent to end the week at 76.57 dollars per barrel, also a three-month high.

President Joe Biden’s administration imposed fresh sanctions targeting Russian oil and gas revenue. The sanctions will cut Russian oil export volumes and make them more expensive. Their timing, just a few days before President-elect Donald Trump’s inauguration, makes it likely that Trump will keep the sanctions in place and use them as a negotiating tool for a Ukraine peace treaty. Oil prices were also buoyed as extreme cold in the US and Europe has lifted demand for heating oil.

Oil prices have rallied despite the US dollar strengthening for six straight weeks. A stronger dollar typically weighs on prices, as it makes purchases of crude expensive outside the United States.