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Russia is the second biggest exporter of crude oil and the world's largest natural gas exporter. Europe is extremely reliant on Russian energy, and disruption to supplies, sanctions and retaliatory measures could all mean prices rise. Oil prices have surged past $100 a barrel to hit their highest level for more than seven years after Russia launched an invasion into Ukraine.

Theo Leggett, 麻豆约拍 financial correspondent, explains that Russia supplies 40 percent of Europe's gas, with a considerable portion of that going through pipelines in the Ukraine, with prices rising 30 percent just today. There are also concerns about who could step in as an alternative supplier. He notes that shares in Europe have fallen, with Russian markets down as much as 35 percent, but gold, commonly viewed as a reliable commodity, has jumped to its highest price in more than a year.

Photo: A woman fills up her car at a petrol pump Credit: Getty Images