The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.

Oil had a dramatic day as the US imposed its most aggressive sanctions on Russia’s industry and prices surpassed $80 a barrel. Brent futures at one point hit their highest mark since early October. The sweeping penalties are part of an effort by the outgoing Biden administration to boost Ukraine’s leverage in possible peace negotiations after Donald Trump takes office.