Are $6 gas prices coming soon?

The pain at the gas pump could only be just beginning as a result of Russia's war on Ukraine, one top oil strategist warns.

"When we run our statistical models to get to $150 a barrel, that is roughly $5 a gallon at the pump nationwide. Let's call it 75 cents from where we are now. When we think about $200 a barrel, you are looking at $6 plus a gallon at the pump," said RBC Capital markets analyst Michael Tran on Yahoo Finance Live.

In a new research note this week, Tran hinted oil prices could surge to $200 a barrel and then crash to $50 a barrel as the economy slows sharply. RBC's base case for oil prices if $115 a barrel.

On Wednesday, Brent crude oil prices traded around $122 a barrel as traders digested the Biden administration's ban of imports of Russian oil, liquefied natural gas and coal in response to the country's war on Ukraine.

Oil prices have surged roughly 29% since Russia's invasion of Ukraine as the U.S. and its allies have slapped the country with debilitating sanctions.

In turn, that has sent gas prices across the country soaring.

The national average price of gasoline has surpassed $4 a gallon in the U.S. for the first time since 2008, according to data from GasBuddy. Gas prices in California are the highest in the country at an average of $5.28.

Gas prices are up more than $1.30 a gallon from last year.

"We are already feeling the pinch. It's not just gasoline, we are paying more for a loaf of bread and for every consumer good. From that angle, everything is getting much more expensive. And we are getting ready to pay much more at the pump," explained Tran.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.