Oil prices will rise, stock market will 'panic' on Russia-Ukraine war: Energy expert

IHS Markit Vice Chairman Daniel Yergin warned on Monday that if Russia invades Ukraine oil prices will "go up" and could hit $100 a barrel.  

He also noted that a potential invasion will lead to a "panic in the market." 

The energy expert offered insight on "Mornings with Maria" on Monday as tensions between Russia and Ukraine escalate. 

Russia has assembled at least 70% of the military firepower it likely intends to have in place by the middle of this month to give Russian President Vladimir Putin the option of initiating a full-scale invasion of Ukraine, the Associated Press reported over the weekend, citing U.S. officials, who want to remain anonymous. 

BIDEN ADMINISTRATION IS STOKING HIGH ENERGY PRICES

The officials reportedly sketched out a series of indicators suggesting Putin plans an invasion in coming weeks, although the size and scale are unknown. The officials also reportedly noted that a diplomatic solution seems to remain possible. 

On Monday, Yergin stressed that a potential invasion could upend the world energy markets given Russia is a producer. 

"I certainly think if there’s military action, prices will go up," he told host Maria Bartiromo. "There will be a panic in the market. Already, you can see that the financial markets are expecting it and there will be disruptions that will occur.

 

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