Oil prices spiked on Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

U.S. benchmark crude jumped about 6 per cent to around $62 (U.S.) per barrel midday Thursday and analysts say if the situation remains static, consumers will soon be paying more at the pump.

Patrick De Haan, head of petroleum analysis for GasBuddy in the U.S., said while it was difficult to predict with certainty because of the number of moving parts, consumers will likely see a bump in prices as early as next week, if not sooner.

“We’ll probably start to see motorists be impacted by the sanctions at the pump in the next couple days and it might take five days for that

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