Join our Waitlist for Expert Advice!

What to Expect From Gas Prices as Oil Hits Highs Unseen in Years Thursday marked the first time oil prices hit more than $100 a barrel since 2014.

By Chloe Arrojado Edited by Amanda Breen

Maskot | Getty Images

Oil prices have surged above $100 a barrel on Thursday, marking the first time oil prices have gone in the triple digits since 2014. These prices come after Russia's recent attacks against Ukraine, which have prompted world leaders to pursue economic retaliation against Russia.

"Russia is the third-largest oil producer and second-largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions," UBS analyst Giovanni Staunovo told Reuters.

The United States hasn't formally issued direct sanctions against oil and gas exports from Russia. However, President Joe Biden has acknowledged the global supply strain that will come, saying, "Defending freedom will have costs" for Americans on the homefront.

Related: Elon Musk Doubles Down on Criticism of President: 'Biden Has Pointedly Ignored Tesla at Every Turn'

This week marks the eighth consecutive week average gas prices have increased in the U.S. And unless the conflict in Ukraine de-escalates, it's unlikely prices will go back down.

Now the most likely source of price relief for the U.S. would come from reducing sanctions against Iran, a major oil exporter. Patrick De Haan, head of petroleum analysis for GasBuddy, says the ongoing nuclear talks between Iran and the West in Vienna could ease the expected price increases.

"The possibility exists that a new [nuclear] deal could bring Iran's crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns," De Haan says. "While the proposition remains in the air for the time being, we're also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine."

Related: Bitcoin Plummets Below $40,000 as Tensions Between Russia, Ukraine Escalate

Chloe Arrojado

Entrepreneur Staff

Editorial Assistant

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Franchise

The McRib Is Back, But Only at Select McDonald's — Here's Where to Find It

This scarcity is nothing new. In 2022, McDonald's announced a "Farewell Tour" for the McRib, suggesting that it might be the last time customers could get their hands on it.

Business News

These 3 Side Hustles Make the Most Money While Working Fewer Hours, According to a New Survey

The survey also found that having a side hustle doubled as a path to becoming more employable.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

Business News

This Is the Goal-Setting Method Shohei Ohtani Learned in High School That Helped Get Him to the World Series

The MLB superstar's success did not come as a surprise to him. He had a plan.

Business News

This New Restaurant Is Banking on One Dish — Because It's the Only Entrée on the Menu

The new hotspot is gaining buzz on social media for its innovative yet super simple concept.