it should also be remembered that global oil supply is disrupted. Russia's production is around 11 million barrels per day. around 10% of the world's oil production, so if this war continues it will trigger the prices of all commodities will also be affected and will increase as well.
Part of the oil price movements (at least the short term ones) is panic and part of it is supply shortages. It is not just Russian oil either, for example I believe it was last week when the Saudi production (supply 12% of world's oil) was ceased when their facilities were attacked and burned for 4 days straight. Of course this news was kept silent by mass media censoring to prevent further panic.
