By Clyde Russell LAUNCESTON, Australia (Reuters) - "This time it's different" is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia's crude oil exports.

Goldman Sachs is warning of potential upside risks to oil prices following U.S. sanctions on Russia's energy sector, with Brent crude already approaching $80 per barrel and the possibility of hitting $90 under certain scenarios.

Nearly 500,000 metric tons of Russian oil products are trapped on tankers hit by U.S. sanctions, LSEG data showed on Wednesday. On Jan. 10, new Russia-related sanctions targeted more than 180 vessels and insurance companies,

Oil prices rose more than 2% on Wednesday, supported by a large draw in U.S. crude stockpiles and potential supply disruptions caused by new U.S. sanctions on Russia, while a Gaza ceasefire deal limited gains.

India’s state refiners are rushing to speed up payments for Russian crude, hoping to complete their trades before a dramatic expansion of Washington’s curbs on Moscow’s oil industry effectively comes into force next month,

Oil prices rose about 2% on Wednesday on a large draw in U.S. crude stockpiles and potential supply disruptions from new U.S. sanctions on Russia, while a temporary halt to the war in Gaza limited the gains.

Oil-freight derivatives trading surged to the highest in at least a decade as the Biden administration’s sanctions on Russia continued to propel supertanker rates higher.