Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela,

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.

Oil settled near $79 a barrel — a five-month high — as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies from one of the world’s top producers.Most Read from BloombergThese Homes Withstood the LA Fires.

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, as well as hundreds of oil tankers.

Oil prices jumped more than 4% on Friday, with global benchmark Brent breaking $80 per barrel for the first time since October on fears that tougher U.S. sanctions on Russia will disrupt crude supplies.

Scott Bessent, President-elect Donald Trump’s nominee for Treasury secretary, said he would support dialing up sanctions on the Russian oil industry to end the war in Ukraine.Most Read from BloombergThese Homes Withstood the LA Fires.

These measures have halted crude oil deliveries to Asian buyers, leading to logistical challenges and growing stockpiles, according to Reuters. Key Arctic Oil Fields Affected. The

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.