Key Takeaways Oil prices rose Friday morning, with global benchmark futures recently at their highest levels since the fall.Part of the reason: a report citing the possibility of heightened U.S. sanctions on Russia that could be stoking demand fears.

Crude prices are having one of their best days in a year, rallying as much as 5% amid concerns that icy weather in the oil patch will crimp domestic supply, while tighter sanctions on Russia and Iran may eliminate barrels from global markets.

Oil futures rose sharply early Friday, trading at their highest since October with support tied to cold weather in the U.S. and elsewhere and supply concerns.