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.

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,

China and India may seek oil from other regions, while Russia might offer discounts.

The U.S. Treasury on Friday announced sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft and Surgutneftegaz , to try to hinder Moscow in its war with Ukraine.

President Joe Biden's administration says it's expanding sanctions against Russia's critically important energy sector over its war in Ukraine.