Crude oil futures rise on supply concerns and winter demand, while focus turns to how the incoming Trump Administration will handle new sanctions on Russia's oil sector.

Oil futures were up strongly Monday, with Brent crude on track for its first finish above $80 a barrel since August, as investors assess the potential hit to supply from a further tightening of U.S. sanctions on Russia’s oil sector.

It is India's first tender for sour crude imports since March 2022. IOC and other Indian refiners have significantly increased purchases of Russian oil over the past two years, taking advantage of discounted prices after the West imposed sanctions on Moscow over its full-scale invasion of Ukraine in 2022.