BLOOMINGTON, Ill. (WMBD) — As global tensions rise, the conflict between Russia and Ukraine is effecting the United States at the pump and on Wall Street.

Thursday, GasBuddy’s head of petroleum analysis Patrick De Haan said at one point, oil barrel prices rose 8% and closed the day $2 a barrel higher than Wednesday.

“As early as now, gas stations are raising their prices to reflect the increase in cost,” De Haan said.

Following the Russian invasion of Ukraine, De Haan said Americans everywhere including Illinois should expect to start paying more at the pump.

“Most states will see prices go up anywhere from 5 to 10 cents a gallon over the next two weeks. That impact could be even more significant should the situation escalate in the days ahead,” De Haan said.

De Haan said wholesale oil for trucks that fill gas pumps is costing more thus leading to gas stations having to account for the higher costs on their end.

He said Russia is one of the world’s largest oil-producing countries, and there’s fear President Putin and other leaders there could use their oil as a weapon against foes of their operations.

“Potentially Russia could retaliate by limiting oil exports much as it did natural gas supplies to Germany and much of Europe as a result of that Nord Stream 2 pipeline controversy,” De Haan said.

Global tensions are also leading to stock market uncertainty. Thursday morning, the DOW Jones, NASDAQ and S & P 500 also saw significant losses, but by markets’ close were all seeing positive gains.

Finance professor emeritus Edgar Norton at Illinois State University said the stock market does not like uncertainty.

“The market did take a tumble today, but at least from what I’ve been seeing that since President Biden’s press conference the market has recovered,” Norton said. “That shows how jittery the market can be and we as investors don’t want to panic.”

Norton said even if worse comes to worse and Ukraine does become a part of Russia, the stock market and U.S. economy will eventually recover.

“This is obviously a terrible situation in Ukraine, we don’t know how it will unfold in the future, but I suggest keep on investing because 5,10, 20 years from now you’ll most likely be happy you stayed in the market,” Norton said.

De Haan also said the price of diesel for trucks and airplanes will also be affected, so consumers could expect to pay more for shipping or airline tickets to account for those costs.