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The price of %Oil has risen to $80 U.S. a barrel as concerns grow about global supplies.

Brent crude oil, the international standard, has risen for three consecutive days to now trade at $80.77 U.S. a barrel, its highest level in more than four months.

West Texas Intermediate (WTI) crude oil has gained 2% to trade as high as $78 U.S. a barrel, its highest level since last August.

The price of oil is marching higher on concerns that wider U.S. sanctions on Russian oil and the expected impacts on exports to top buyers India and China.

Since the start of the year, both Brent and WTI crude oil have climbed about 6%, surging on news that the U.S. government has imposed wider sanctions on Russian oil.

The new U.S. sanctions target Russian producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have shipped Russia’s crude oil.

The sanctions are in response to Moscow’s ongoing war with neighbouring Ukraine.

Russian oil exports will be severely hurt by the new sanctions, requiring China and India to source more crude oil from the Middle East and the Americas, which will boost prices and shipping costs, according to analysts.

China is the world’s biggest importer of crude oil.

Analysts at U.S. investment bank %GoldmanSachs (NYSE: $GS ) say Brent crude prices could rise as high as $85 U.S. in the near-term due to the new sanctions on Russian energy products.

However, some other analysts are saying the new sanctions on Russian oil could quickly be undone by the incoming administration of president-elect Donald Trump.