Why Russia's invasion of Ukraine is predicted to send gas prices skyrocketing

• Russia's invasion of Ukraine could spike global fuel prices.
• International oil prices have already surpassed $100 per barrel for the first time since 2014.

Russia's widely-condemned invasion of Ukraine could have a harmful effect on the global economy. And experts say that Americans could start seeing the impact of conflict-related supply-chain disruptions and sanctions firsthand at the gas pump.

Russia is rich in crude oil and natural gas resources. In an interview with The New York Times, Harvard economist Jason Furman described the country as "basically a big gas station." The European Union relies on Russia for much of its imported natural gas and oil. Conflict with the United States and NATO countries would put that supply into question, and a marked decrease in availability could send global fuel prices spiking.

US oil prices are currently hovering near $100 a barrel, while Brent crude, oil's international benchmark, has surpassed $100 per barrel for the first time since 2014. Speaking on Yahoo Finance Live, Energy Word founder Dan Dicker predicted that such oil prices would result in gas prices of $5 to $7 a gallon.

President Joe Biden addressed concern over gas prices in a speech Tuesday.

"My administration is using every tool in our disposal to protect American businesses and consumers from rising prices at the pump," he said. "As I said last week, defending freedom will have costs for us as well, and here at home. We need to be honest about that."

But Biden said that his administration is "closely monitoring energy supplies" and coordinating with the fuel industry to attempt to "blunt gas prices."

"I want to limit the pain the American people are feeling at the gas pump. This is critical to me," Biden said.