$7 oil could be a very real possibility.

“My guess is that you are going to see $5 a gallon at any triple-digit [oil prices] … as soon as you get to $100. And you might get to $6.50 or $7. Forget about $150 a gallon, I don’t know where we will be then,” Energy World founder Dan Dicker said on Yahoo Finance Live. Dicker said oil prices could shoot higher to $150 a barrel, or in line to the ‘super spike’ highs from 2007.”

Of course, that’s the worst case.  But it could happen.

We have tight supply issues, with OPEC showing no signs it’ll boost supply.  Demand is only accelerating, as we near the warmer months of the year. Plus, if Russia does attack Ukraine, the U.S. could retaliate with sanctions, which could send oil prices even higher.

Unfortunately, no one really knows what’s going to happen next with Russia and Ukraine.

But if there’s war – even a short-lived one – oil prices and related stocks could take off.  In fact, some of the top oil stocks to consider even now include:

Exxon Mobil (XOM), which carries a dividend yield of 4.56%.  In addition, the company declared a cash dividend of $0.88 per share, payable on March 10, 2022 to shareholders of record at the close of business on February 10.  XOM also just initiated a $10 billion share buyback program.

Valero Energy (VLO) carries a dividend yield of 4.52%.  The company just declared a regular quarterly cash dividend on common stock of $0.98 per share. The dividend is payable on March 3, 2022 to holders of record at the close of business on February 3, 2022.

Phillips 66 (PSX) carries a dividend yield of 4.32%.  The company just declared a quarterly dividend of 92 cents per share, payable on March 1, 2022, to shareholders of record as of the close of business on Feb. 22, 2022.