Oil prices jumped on Friday as the U.S. Treasury Department announced sweeping sanctions against the Russian oil industry.

Brent rose $2.44, or 3.17%, to $79.36 a barrel by 1:33 p.m. ET US crude oil Oil prices rose $2.29, or 3.1%, to $76.21 a barrel. Brent broke $80 a barrel the previous day for the first time since October, hitting a session high of $80.75.

The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers and more than a dozen Russian energy officials and executives. The sanctioned executives include Aleksandr Valeryevich Dyukov, CEO of Gazprom Neft.

According to the Treasury Department, the sanctioned ships are mostly oil tankers that are part of Russia’s “shadow fleet” that has bypassed existing sanctions on the country’s energy exports.

“The United States is taking comprehensive action against Russia’s primary source of income funding its brutal and illegal war against Ukraine,” Treasury Secretary Janet Yellen said in a statement.

“With today’s actions, we are exacerbating the sanctions risk related to Russian oil trade, including shipping and financial relief to support Russian oil exports,” Yellen said.

The perception in the oil market is that Indian and Chinese refiners that imported Russian oil will have to fight for barrels from the Middle East, Bob Yawger, managing director of energy futures at Mizuho Securities, said in a note to clients on Friday.

The Biden administration has sought to increase pressure on Russia and provide aid to Ukraine before President-elect Donald Trump takes office.

“The Biden administration has opted for tougher energy sanctions, which has left the oil market particularly complacent about the sanctions risks,” said Bob McNally, president of Rapidan Energy Group.

“Therefore, we expect today’s material risk premium for Brent to continue pending signals from the Trump team as to whether they will continue these sanctions,” McNally said.