Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply disruptions from more sanctions on Russia and Iran.

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 more than 3% on Friday as the U.

Crude prices are having one of their best days in a year, rallying as much as 5% amid concerns that icy weather in the oil patch will crimp domestic supply, while tighter sanctions on Russia and Iran may eliminate barrels from global markets.

Oil futures rose sharply early Friday, trading at their highest since October with support tied to cold weather in the U.S. and elsewhere and supply concerns.

The Biden administration's new sanctions target Russia's oil giants Gazprom Neft and Surgutneftegas, shadow fleet vessels, and opaque traders. Oil prices surged, while European equities slid as investors fear tighter global supply.

Washington on Fridayimposed some of its most sweeping sanctions on Russia’s oil industry since the full-scale invasion of Ukraine, targeting two Russian oil majors, as well as Russian oil executives,