Russia's military campaign in Syria propels oil prices

The military campaign in Syria under President Putin's instructions is bustling chaos in the Middle East and rising oil prices at the same time. Energy-dependent Russia experienced a heavy blow from the decline in world oil prices.

The Russian economy is in recession making the ruble collapsed against the U.S. dollar. However, the oil went up above $50 a barrel last week for the first time in July. This is due to the disquiet created by Moscow's first military campaign in Syria in many years. Russia increased its military attacks in Syria over the weekend, conducting multiple airstrikes against ISIS targets as what Russia calls it, as reported by FX Empire.

Military analysts believe that the real target of Putin's military activities is the Western-backed rebels who threaten the regime of Russian ally and Syrian President Bashar al-Assad.

"He wants a higher price for oil," Pickens told CNNMoney's Cristina Alesci. "A lack of leadership in the United States has allowed Putin to walk into the Middle East and be right there."

Crude oil regained 37¢ in the Asian session after taking a headline on Monday. WTI traded at 47.47 after broaching the $50 price level in early trading on the same day. Brent oil traded near $53 as the new week opened only to follow crude oil down in the after session to trade at $50.60 at the close on Monday. Brent oil gained 13¢ on Tuesday morning reaching $50.73.

"This escalation certainly increases uncertainty in the oil-rich Middle East, thus boosting oil prices. If they start falling again, Putin is perfectly positioned to stir things up in the region," Ed Yardeni, president of investment advisory Yardeni Research, wrote in a note to clients.

This would be bad news for American drivers. The average gallon of gasoline sells for $2.314 on Monday, up from $2.29 a week ago, according to AAA as reported by CNN Money.

Oil prices have endured a major blow due to oversupply. In addition, major oil producers' hesitation to restrain production to protect market share has kept prices in the hollow. Both Nymex and Brent prices are down by almost half since last summer. Recent talk of collaboration between OPEC members and nonmembers, in a way, gives positivity to the oil market.

"I don't see a spike in prices beyond a short-term phenomenon. There isn't going to be a lasting increase," said Andrew Neff, an analyst at IHS Energy.

The increasing tension in Syria continues, backed with a looming oil price hike as Russia's forces continues to intervene with the political and warfare issues in the country.