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The Ukraine war drove global gas prices sharply higher in 2022 through 2024 by disrupting Russian oil exports and triggering energy supply shocks across Europe and Asia.
Price impacts peaked in mid 2022 but have since moderated as markets adapted to supply constraints.
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Initial Supply Shock
Russia supplied roughly 10 percent of global oil before the invasion. Western sanctions and logistics disruptions removed substantial barrels from markets, forcing refiners to source from costlier suppliers. European natural gas prices tripled in 2022 as Russian pipeline flows ceased.
Ongoing Fuel Scarcity
Persistent Ukrainian attacks on Russian energy infrastructure have kept supply disrupted. Recent reporting documents that Russians are now purchasing Chinese electric vehicles as Ukrainian strikes make fuel scarce in Russia. This reflects how sustained conflict continues creating fuel availability problems across the region, though global markets have largely rebalanced away from Russian energy dependence.