Oil prices could more than double to $250 a barrel this year as the Ukraine crisis wreaks havoc on global energy markets, leading traders warn.

According to the Financial Times, well-known figures in the energy market Pierre Andurand and Doug King predicted that the market would suffer from a supply shock caused by the war.

Russia is one of the world's largest suppliers, producing about 10% of the oil the world consumes every day. The US has banned oil imports from the country, while the UK is gradually phasing out imports. The European Union has so far resisted calls to abandon Russian oil.

The International Energy Agency predicts that the conflict in Ukraine and related sanctions could reduce oil production by as much as 3 million barrels a day. According to the IEA, the world consumes about 100 million barrels per day.

However, it is very difficult to make forecasts in the current conditions, and forecasts vary greatly.