Three tankers carrying more than 2 million barrels of Russian oil have stopped near ports in eastern China. They were hit by US sanctions announced on January 10, Bloomberg reports. According to data intelligence firm Kpler,

Oil extended gains for a third session on Monday, with Brent crude rising above $80 a barrel to its highest in more than four months, driven by wider U.S. sanctions on Russian oil and the expected effects on exports to top buyers India and China.

New U.S. sanctions on Russian oil producers and ships will disrupt Russian oil supply to China and India, driving up prices and freight costs. As a result, refiners in these countries will seek alternatives from the Middle East,