$ 92 a barrel ... until now

If the geopolitical clouds of uncertainty, that we have over East Europe, were to materialize, they would certainly have an impact on energy prices. And there are risk and uncertainty due to the fact that incresead cost of energy may affect the whole structure of prices.

Actually, a conflict between Russia and Ukraine would have the potential to drive oil & gas prices much higher. There is a very good chance crude oil would reach $ 100 a barrel. It remains to be seen whether EU countries could handle shortfall in gas if Russia were to halt supplies.

In the meantime, it seems that Russia could be binding its time to launch an invasion to Ukraine until after Beijing Winter Games, as China is an important ally on the Eurasian continent. Russia doesn't risk its good relation with China.