With the global economy in turmoil, energy prices are exploding. A general rising trend in the prices of oil and gas since mid-last year has been compounded in recent weeks by the war in Ukraine and the economic reprisals taken by the West against Russia. These reprisals now include a partial embargo on Russian hydrocarbons. But what does that mean in the short term? And how does the current situation compare with the oil crisis of the 1970s? Let us delve into the matter in this Economic Brief.