Oil futures ended sharply higher on Friday, as fresh U.S. sanctions on Russia’s oil sector looked to threaten global supplies and as winter storms in the U.S. were expected to boost demand for heating fuels.

Oil prices rallied nearly 3% to their highest in three months on Friday as traders braced for supply disruptions from the broadest U.S. sanctions package targeting Russian oil and gas revenue.

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.