Following the world economy's recovery from the COVID-19 epidemic, global oil prices surged in 2021, creating a rise in demand for petroleum products. In addition, gas prices skyrocketed in early 2022 as a result of news that Russia, one of the world's largest oil producers and exporters, was deploying soldiers along its border with Ukraine. Despite diplomatic efforts, the oil market's worries became a reality when Russia invaded on February 24.