Oil prices hit their highest level in more than three months on Monday's open, extending their rally on expectations that wider U.S. sanctions will affect Russian crude supplies to the world's top and third largest importers China and India.

The Biden administration is cracking down on the Russian “shadow fleet” and taking steps to curb oil and gas production.

On Friday, the US Treasury Department— together with the UK — slapped new sanctions against Russia's key energy sector, including restrictions against oil giants Gazprom Neft

The U.S. Treasury on Friday announced sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft and Surgutneftegaz, to try to hinder Moscow in its war with Ukraine. The sanctions also target over 180 vessels and dozens of oil traders,

The White House has announced new sanctions against Russian oil companies, which are expected to cost Russia billions of dollars per month. The restrictions target Gazprom Neft and Surgutneftegas, as well as 183 ships involved in oil exports.

The US and Britain on Friday announced sanctions against Russia's energy sector just days before outgoing President Joe Biden leaves office.

The White House has announced new sanctions against Russian oil companies, aimed at causing Russia losses of billions of dollars monthly. The restrictions include Gazprom Neft and Surgutneftegaz, as well as 183 ships associated with oil exports.