Gas prices are set to rise around the world.

Early this morning, Russia began its invasion of Ukraine in earnest, with armored units and soldiers officially entering into Ukrainian territory with hostile intent. In an effort to punish Russia for this invasion, numerous countries have either imposed steep sanctions or pledged to cease business with them altogether until the attack stops. As a result of this, Russia’s economy has taken a major hit, with its national currency, the ruble, plunging to an all-time low.

However, on the opposite side of this drop, oil prices have surged upwards. As Russia is one of the top exporters of petroleum in the world, ending business with them means much greater difficulty in getting access to oil. Crude oil is currently going for approximately $105 a barrel, and is only estimated to rise as Russia proceeds with its invasion.

European stocks tumbled, oil prices surged, and the ruble hit a record low against the dollar. CNN's Christine Romans reports on the economic impact of Russian aggression https://t.co/0cm6zNHrat pic.twitter.com/JPEY0K1bYM

— CNN (@CNN) February 24, 2022

The increasing price of oil will likely have a ripple effect, worsening existing fears of inflation. “Not only will energy bills keep going up, but food prices look set to jump even higher. Ukraine and Russia are both big food suppliers and any disruption to supplies will force buyers to seek alternative sources, which could jack up prices,” Russ Mould, investment director at AJ Bell, told BBC.