US sanctions hit Russian exports, sending oil prices to a more than three-month high

Oil prices extended their rally on Monday, hitting a more than three-month high on expectations that broader US sanctions will affect Russian crude supplies. Russia's oil exports will be severely affected by the new sanctions, forcing major buyers to source more oil from the Middle East, Africa and the Americas, which will push up prices and transport costs, traders and analysts said. "The latest round of sanctions against Rosneft and a large number of tankers will have a significant impact, particularly on India," said Harry Chillingrian, head of research at Onyx Capital Group.