Price Futures Group senior analyst Phil Flynn argued that a potential war between Russia and Ukraine could impact oil prices for decades.
Flynn noted that the market is eyeing unrest in Ukraine as Russian forces inch closer.
"This could be a major event that we will feel not just for weeks, but perhaps for decades," Flynn told host"A war between Ukraine and Russia is going to have ramifications across Europe and across the world and part of the reason is the energy policies in Europe have left them more dependent on Russia for supply so Russia really controls energy in that part of the world."
"So if they get into a protracted war, they decide to cut off supplies to Europe, Europe is going to have a very difficult time replacing those supplies," he went on to warn.
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