Oil prices rose for the week as Russia invaded Ukraine, and investors should brace for more uncertainty.
Andy Liptow, president of Lipow Oil Associates LLC, told FOX Business there will be "continued volatility" in reaction to events on the ground in Ukraine.
On Friday, the price of West Texas Intermediate (WTI) closed at $91.59 a barrel, while international benchmark Brent crude closed at $97.93. Prices for energy have surged more in Europe than in the U.S. because its economy is more closely tied to Russia.
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||64.88||+0.12||+0.19%|
|USO||UNITED STATES OIL FUND L.P.||73.37||+0.86||+1.19%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.70||+0.33||+1.12%|
By Saturday morning, the national average price for a gallon of gas climbed 2.5 cents to $3.597, according to AAA. That's up roughly 25 cents from a month ago.
|UNG||UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT)||5.50||+0.01||+0.09%|
For several weeks, there have been widespread fears that sanctions placed on Russia would threaten the global oil market, already facing a tight supply, which would eventually drive up gas prices for U.S. motorists.
But on Thursday, U.S. deputy national security adviser Daleep Singh said the sanctions levied against Russia are "not designed to disrupt" its energy exports.
"Our sanctions are not designed to cause any disruption to the current flow of energy from Russia to the world," Singh said during a Thursday press conference while outlining the latest sanctions against Russia in response to its recent invasion of Ukraine.
Even still, some buyers of Russian oil are still shying away from purchases and seeking other alternatives, Liptow told FOX Business.
Biden did hit Russia with new sanctions that will impact its ability to do business in major currencies. Sanctions were also brought against banks and state-owned enterprises.
Britain, Japan, Canada, Australia and the European Union also unveiled more sanctions on Moscow.
Fox News' Andrew Mark Miller, FOX Business' Ken Martin and the Associated Press contributed to this report.