Analysts warn of recession if oil prices continue to surge further into ‘uncharted territory’

If Russia retaliates by refusing to supply Europe with oil, that could “easily” send oil prices up another $20 to $30 per barrel, said Andy Lipow, president of Lipow Oil Associates.

“My greatest fear is that these prices have risen so fast that you cause a recession in Europe and Latin America that rolls on into the United States that ultimately affects China’s ability to sell consumer goods to the rest of the world,” he told CNBC’s “Squawk Box Asia” on Wednesday.

A complete ban on Russian energy imports in all major consuming countries would “severely reduce and disrupt energy supply” and prices could soar further into “uncharted territory,” wrote Caroline Bain, chief commodities economist at Capital Economics. $NGL Energy(NGL.US)$ $Houston American Energy(HUSA.US)$ $Imperial Petroleum(IMPP.US)$ $Camber Energy(CEI.US)$ $S&P 500 Index(.SPX.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$ $Occidental Petroleum(OXY.US)$