Investors may want to keep an eye on oil-related ETFs and stocks.

Currently, oil prices are nearing $100 a barrel, as Russia pushes deeper into Ukraine. There’s even fear oil could rally to $120, perhaps even to $150, if there’s a full-scale invasion. Russia is one of the world’s largest producers of oil. So, should the country see any sanctions or restrictions on its supply, the price of oil could gush even higher. Making matters even worse, global oil supply is already tight, and demand is on the rise.

In short, the world is behind the eight ball.

According to CNN:

The Russia-Ukraine crisis poses several risks to the oil market. First, such a conflict could potentially damage energy infrastructure in the region. Secondly, western powers could seek to punish Russia by imposing sanctions that cripple the country’s energy exports, although U.S. officials have signaled a preference for penalizing other sectors of its economy first…

And then there is the risk that Russian President Vladimir Putin retaliates by weaponizing exports of oil and natural gas. Higher natural gas prices in Europe would drive up oil demand as factories and power plants switch to oil instead.

So, how can the average investor potentially profit?

One way is to invest in dividend-paying oil stocks, like Exxon Mobil (XOM). At the moment, XOM carries a dividend yield of 4.65%. Exxon declared a cash dividend of $0.88 per share on its common stock, payable on March 10, 2022 to common stock shareholders of record at the close of business on February 10, 2022.

A second way is to pick up an oil ETF, such as the SPDR Energy Select Sector ETF (XLE), which provides exposure to companies in the oil, gas and consumable fuel, energy equipment, and services industries, as noted by State Street SPDR. Unfortunately, until tensions cool, oil prices could remain elevated for some time.