Key Takeaways Oil prices rose Friday morning, with global benchmark futures recently at their highest levels since the fall.Part of the reason: a report citing the possibility of heightened U.S. sanctions on Russia that could be stoking demand fears.

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 United States will impose some of the harshest sanctions yet on Russia's oil industry, according to a purported U.S. Treasury document circulating among traders in Europe and Asia that drove global oil prices 3% higher on Friday.

Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50,

Oil prices rose on Friday and are headed for a third weekly gain while demand for fuel continued to increase as cold weather gripped parts of the US and Europe. Brent, the benchmark for two thirds of the world’s oil,