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Analysts warn that further increases could have serious consequences. In a report released last week, Oxford Economics senior US economist Matthew Martin said that oil reaching $140 per barrel for an extended period could push the economy into a downturn.

"The duration of the war is the key variable: the longer it persists, the more likely something breaks," he said.

Rising wholesale energy costs typically appear first in fuel prices, a trend now evident not only in the US but globally.

In the United Kingdom, petrol prices have increased by 14% since the war began, while diesel has risen by 27%.

Some countries have already taken emergency measures. Sri Lanka and Bangladesh have introduced fuel rationing, and Slovenia became the first European Union nation to follow suit last week.

Elsewhere, Australia has cut fuel sales taxes in half for three months to ease the burden on drivers, while two states are offering temporary free public transportation to discourage car use.