Lights illuminate a gas drilling rig on the Gazprom Chayandinskoye oil, gas and condensate field in Russia. Tensions between Russia and Ukraine are driving oil prices higer.
Andrey Rudakov, Bloomberg / BloombergShow MoreShow Less2of14Ukrainians who live in Lebanon holds placards and chant slogans during a protest against Moscow's wide-ranging attack on their country, outside the Russian embassy in Beirut, Lebanon, Thursday, Feb. 24, 2022. World leaders expressed a raw outrage shrouded by an impotence to immediately come to the aid of Ukraine to avoid a major war in Europe, condemning Russia’s attack on its neighbor as the European Union and others promised unprecedented sanctions to hit the Kremlin.Bilal Hussein/APShow MoreShow Less3of14People try to get on a bus as they leave Kyiv, Ukraine, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee.Emilio Morenatti/APShow MoreShow Less4of14A woman holds her baby inside a bus as they leave Kyiv, Ukraine, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee.Emilio Morenatti/APShow MoreShow Less5of14Smoke and flame rise from the debris of a privet house in the aftermath of Russian shelling outside Kyiv, Ukraine, Thursday, Feb. 24, 2022. Russia on Thursday unleashed a barrage of air and missile strikes on Ukrainian facilities across the country.Efrem Lukatsky/APShow MoreShow Less6of14A local citizen shows the debris of a privet house in the aftermath of Russian shelling outside Kyiv, Ukraine, Thursday, Feb. 24, 2022. Russia on Thursday unleashed a barrage of air and missile strikes on Ukrainian facilities across the country.Efrem Lukatsky/APShow MoreShow Less7of14Ukrainians who live in Greece protest outside the Russian Consulate in the northern port city of Thessaloniki, Greece, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee.Giannis PapanikosShow MoreShow Less8of14Britain's Prime Minister Boris Johnson arrives to deliver an address on the attack by Russia on Ukraine, in Downing Street, London, Thursday, Feb. 24, 2022. (Jeff Mitchell /Pool Photo via AP)Jeff Mitchell/APShow MoreShow Less9of14People including Ukrainians, take part in a demonstration in support of Ukraine, outside the Russian Embassy in Tallinn, Estonia, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee. Ukraine's government said Russian tanks and troops rolled across the border in a "full-scale war" that could rewrite the geopolitical order and whose fallout already reverberated around the world.Raul Mee/APShow MoreShow Less10of14A man stands in front of a Russian Ka-52 helicopter gunship is seen in the field after a forced landing outside Kyiv, Ukraine, Thursday, Feb. 24, 2022. Russia on Thursday unleashed a barrage of air and missile strikes on Ukrainian facilities across the country.Efrem Lukatsky/APShow MoreShow Less11of14A woman reacts during a demonstration in support of Ukraine, outside Downing Street, in central London, Thursday, Feb. 24, 2022. World leaders expressed a raw outrage shrouded by an impotence to immediately come to the aid of Ukraine to avoid a major war in Europe, condemning Russia’s attack on its neighbor as the European Union and others promised unprecedented sanctions to hit the Kremlin. ( Stefan Rousseau//PA via AP)Stefan Rousseau/APShow MoreShow Less12of14People including Ukrainians, take part in a demonstration in support of Ukraine, outside the Russian Embassy in Tallinn, Estonia, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee. Ukraine's government said Russian tanks and troops rolled across the border in a "full-scale war" that could rewrite the geopolitical order and whose fallout already reverberated around the world.Raul Mee/APShow MoreShow Less13of14Timote Suladze, a citizen of Belarus and Russia, burns a Russian passport to demonstrates against Russian attacks in Ukraine in front of the Russian embassy in Vilnius, Lithuania, Thursday, Feb. 24, 2022. Russian troops launched a wide-ranging attack on Ukraine on Thursday, as President Vladimir Putin cast aside international condemnation and sanctions and warned other countries that any attempt to interfere would lead to "consequences you have never seen."Mindaugas Kulbis/APShow MoreShow Less14of14People including Ukrainians, take part in a demonstration in support of Ukraine, outside the Russian Embassy in Tallinn, Estonia, Thursday, Feb. 24, 2022. Russia launched a wide-ranging attack on Ukraine on Thursday, hitting cities and bases with airstrikes or shelling, as civilians piled into trains and cars to flee. Ukraine's government said Russian tanks and troops rolled across the border in a "full-scale war" that could rewrite the geopolitical order and whose fallout already reverberated around the world.Raul Mee/APShow MoreShow Less
The Russian invasion of Ukraine rattled stock and commodity markets, driving the U.S. benchmark oil briefly above $100 a barrel the international benchmark above $105 a barrel Wednesday morning before retreating later in the day.
While Houston normally celebrates high oil prices, analysts are concerned about just how far they will climb if Russian petroleum slides from the market and supplies grow scarce, and how much of a hit they will deliver to consumers already reeling from high gasoline prices and rising inflation. Russia is one the world's top three oil producers, along with the United States and Saudi Arabia.
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