Oil prices jump to 5-month high over increasing worries of supply crunch stemming from sanctions

Oil extended gains to hit a five-month high on Monday as worries grew over supply disruptions impacting big importers China and India following wide-ranging sanctions against Russian crude. West Texas Intermediate crude (CL=F) rose roughly 3% to trade above $79 per barrel, the highest level since August, while Brent crude futures (BZ=F) surpassed $81. The move higher comes after almost a 4% surge on Friday in reaction to wide-ranging sanctions against Moscow imposed by the US, targeting oil executives, traders and more than 180 vessels, bringing the total number of ships sanctioned to 451, according to JPMorgan analysis. “There are…