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.

Oil prices jumped more than 3% on Friday as the U.S. Treasury Department announced sweeping sanctions against Russia's oil industry. Brent gained $2.82, or 3.67%, to $79.74 per barrel by 10:32 a.m. ET, while U.S. crude oil advanced $2.89, or 3.91%, to $76.81 per barrel.

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. Brent crude futures gained $2.50, or 3.

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members.