Russia’s invasion of Ukraine caused oil and gas prices to surge last year.
Traders already drove up the price of oil to more than 4 percent when markets opened after the weekend. Brent Crude Futures, the global benchmark rose to $87 a barrel. Meanwhile, U.S. marker West Texas Intermediate topped $85.
While oil is not produced in the Gaza area and Israel produces only a small amount of oil for its own use, the Middle Eastern region accounts for almost a third of the global supply. Experts warn that prices could increase further if the fighting were to spread across the region. "We just do not have enough. We need 20 million barrels a day. We're producing 13. And if it were cut off from our foreign entities, that's 7 million barrels a day that we're going to need from other countries or a strategic reserve or something," Young explained. "And if we don't have it, you'll see prices increase.
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