Oil could spike above $130 amid the Russia-Ukraine invasion

A worker walks past oil barrels at a filling station in Chennai on February 24, 2022.
Arun Sankar | AFP | Getty Images

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."

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