1) Supply is constrained (by the war and sanctions), demand is fixed to rising, so price goes up. 2) Price goes up 2 a) Demand remains the same or increases (

1) Supply is constrained (by the war and sanctions), demand is fixed to rising, so price goes up. 2) Price goes up 2 a) Demand remains the same or increases (we're talking about energy so demand will always be increasing) 2 b) there is more demand for alternatives, including dirty ones (coal) but also green ones (solar, wind, etc). 3) Businesses see an opportunity for higher returns 3 a) Increased investment in fossil fuel energy sources to take advantage of the higher prices. Wells with dirtier oil that were idle are brought back online because they are profitable, higher cost extraction gears up like tar sands. 3 b) Increased investment in green energy sources to take advantage of higher energy prices.