Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela,

President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent, and that he is ready to impose tougher sanctions on Russia's oil sector.

Advisors to Donald Trump are developing a sanctions strategy to reach an agreement between Russia and Ukraine while increasing pressure on Iran and Venezuela, Bloomberg reports. The agency notes that two scenarios have been prepared.

A fresh wave of U.S. sanctions against Russia’s oil industry threatened to disrupt global supplies, sending crude prices to their highest in more than four months.

Oil settled near $79 a barrel — a five-month high — as a fresh wave of US sanctions against Russia’s energy industry threatened to crimp supplies from one of the world’s top producers.Most Read from BloombergThese Homes Withstood the LA Fires.

Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.