Prices across the energy complex surged on Thursday after Russia officially invaded Ukraine, prompting fears that supply disruptions could strain markets that are already in tight supply.
Oil topped $100 per barrel for the first time since 2014, while European natural gas futures spiked more than 50%. Analysts say prices are likely to keep climbing — at least for the time being.
"Oil prices are soaring with no end in sight," said Louise Dickson, senior oil market analyst at Rystad Energy. "Prices could approach $130 per barrel by June if the Ukrainian conflict disrupts Russian crude flows, but that estimate could soar higher if additional disruptions materialize."