Oil is rising today, up nearly 5% to its best level since October. WTI crude oil rose $3.60 to $77.49, while Brent gained $80.

The Reuters report appears to have started the move as it says the US will impose sanctions on 180 ships carrying Russian oil, dozens of traders and two major oil companies. The document is said to be circulating among traders and purports to be from the US Treasury. Reuters could not verify its authenticity.

There is also a sense that Biden will increase sanctions on Iran before he leaves office.

Additionally, there is a sudden cold snap in the US that will show up on some models by the end of the month. This could lead to wells freezing and high demand for distillates.

Technically, this looks like a big bounce from the base near $67, but WTI will need to break the October high of $78.46 to confirm it.