The new powderkegI had always expected the Middle East to be the place where a flashpoint and war would send oil up.
It seems with Nordstream 1 and 2 now blown up, Europe won't get any gas flow from those lines this winter with certainty. Russian subs and demolition are most likely responsible.
Immediately, security of energy installations in the wide open North Sea has become paramount with all the unidentified drones flying around.
With more successful attacks and escalation, the sky is the limit as to how high oil may go.
Meanwhile SU and others are trading at new recent lows, and this is not reflected in the stock prices.
Canada's vast landlocked energy far from tidewater and out of easy reach is both a curse, and if things escalate, a blessing. One day, this could suddenly offer an instant premium for Canadian oil companies with vast reserves in times of global conflict where shipping oil anywhere suddenly becomes a risk.
As a NATO member, Norway now must up it's security game in it's waters:
https://www.reuters.com/article/ukraine-crisis-norway-security/norway-to-strengthen-security-at-oil-gas-installations-energy-minister-says-idUSS8N2VC09A