RE:Why oil prices can be sustainably high for years - oil 101
Not to mention the bear in the room. Russian aggression in Europe will mean that the EU, North America maybe parts of Asia like Japan and South Korea will start to put sanctions on their natural gas and oil exports. The EU in particular is very reliant on Russian oil and gas and this may incentivize them to be more reliant on African and Middle Eastern oil. Another not trying to get political but if Ukrainian refugees start fleeing into EU and they start showing little blonde kids in warzones on TV, the public is going to be very against buying Russian and may tolerate higher gasoline costs to an extent to stick it to them. That removes a lot of the global supply and rises prices worldwide.