U.S. imposes sanctions on Russia oil industry, causing oil prices to rise.

• Russian oil companies, tankers, officials, and executives are being sanctioned by the U.S. Treasury Department.
• Oil prices jumped on worries that crude supplies would face disruptions.

On Friday, the U.S. Treasury Department's announcement of sanctions against Russia's oil industry caused oil prices to increase by over 3%.

By 10:32 a.m. ET, WTI gained $2.82, or 3.67%, to $79.74 per barrel, while Brent advanced $2.89, or 3.91%, to $76.81 per barrel.

Over 180 tankers and Russian energy officials and executives, including Gazprom Neft CEO Aleksandr Valeryevich Dyukov, are targeted by sanctions that affect Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries.

According to the Treasury Department, the vessels that have been sanctioned are primarily oil tankers that belong to Russia's "shadow fleet," which has managed to evade existing sanctions on the country's energy exports.

Janet Yellen, the Treasury Secretary, announced that the United States is taking decisive action against Russia's primary source of income for financing its brutal and unlawful war against Ukraine.

Yellen stated that by imposing sanctions on Russia's oil trade, the risk of financial and shipping penalties will increase.

According to Bob Yawger, executive director of energy futures at Mizuho Securities, Indian and Chinese refiners that have imported Russian oil will have to compete for barrels from the Middle East.

Before President-elect Trump assumes office, the Biden administration has increased pressure on Russia and provided aid to Ukraine.

This is a developing story. Please check back for updates.