Oil prices hit their highest level in more than three months on Monday's open, extending their rally on expectations that wider U.S. sanctions will affect Russian crude supplies to the world's top and third largest importers China and India.

Talk us through the impact that these sanctions have had on the global oil markets, the details why they are proving significant. Well, this is the first time that the Biden administration, as their last sort of act,

Oil prices jumped more than 2% in early trade, with Brent breaking above $80 a barrel on expectations that wider U.S. sanctions against Russia will curb supplies to buyers in China and India. Brent crude was up 2.

Oil prices extended gains for a third session on Monday, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India.