Oil futures ended sharply higher on Friday, as fresh U.S. sanctions on Russia’s oil sector looked to threaten global supplies and as winter storms in the U.S. were expected to boost demand for heating fuels.

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.

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.