Oil futures were up strongly Monday, with Brent crude on track for its first finish above $80 a barrel since August, as investors assess the potential hit to supply from a further tightening of sanctions on Russia’s oil sector.

Oil prices continued their rise this morning following a harsh batch of sanctions by the US on Russian Oil and tankers. Click to read.

Oil surpassed $80 a barrel as traders digested a report that Indian oil processors are bracing for new US sanctions that would hit flows from Russia.