Four years ago, Russia attacked Ukraine, and oil shot up 50% in a matter of weeks, north of $100 a barrel. Yet oil prices rose just 6% Monday, and gas prices aren’t expected to get close to $5 a gallon anytime soon. Brendan Smialowski/AFP/Getty ImagesCrude is abundantThere’s also more crude oil available now than in 2022, even as consumption remains steady. “There’s plenty of crude oil out there,” said Tom Kloza, an independent oil analyst and advisor to Gulf Oil. “When Russia invaded Ukraine, crude oil prices rose by about 50% in a few weeks,” said Bob McNally, president of Rapidan Energy Group.

Source: CNN March 03, 2026 18:31 UTC