Supply disruptions, concerns about the prospect of increased demand, and international oil prices rose sharply

International oil prices jumped more than 3 per cent today as traders focused on potential supply disruptions and expectations of increased demand due to lower temperatures. Futures in the US and Burkina Faso are on track for weekly gains of 2.7 per cent and 3.2 per cent respectively, supported by the prospect of tougher US sanctions on Russia and Iran and a drop in Russian seaborne exports. "The US is expected to announce more sanctions against Russia in the coming days, which will exacerbate the continued slowdown in Russian crude exports," said analysts at DNB Markets. Western sanctions on Russia's shadow fleet have already led to a drop in exports, according to market watchers.