Turkey just shot down a Russian warplane, which Russian President Vladimir Putin calls as a "stab in the back." Furthermore, oil prices suddenly jumped following the incident, sparking global concerns on the rising Middle East tensions and its energy resources.

Global oil prices went up following news of Turkey gunning down a Russian warplane near the Syrian border. US benchmark West Texas Intermediate for January delivery saw US$1.12 (AU$1.54) to US$42.87 (AU$59.04) gain per barrel under the New York Mercantile Exchange this Tuesday. Brent oil, the European benchmark, for January delivery saw US$1.29 (AU$1.78) to US$46.12 (AU$63.52) gain per barrel.

"We're really getting a boost here from geopolitical tensions, as concerns have been stoked by news a Russian plane has been shot down, and fears that an escalation could cause some kind of contagion in the Middle East and ultimately affect oil supplies," Sky News quoted ClipperData oil analyst Matt Smith. He did note that since Syria has no significant contribution in oil production, uptick from the tensions should abate some time soon.

Turkish military claims that the Russian Su-24 attack aircraft breached the region's airspace, prompting two F-16s to shoot it down. Russian defence ministry refuted the allegations, saying that the plane did not veer away from the Syrian airspace. Turkey argued that the military was forced to proceed with the action because the Russian plane did not answer their warning. The act also prompted an angry response from Moscow, adding to the global tension surrounding Syria and the fight against the Islamic State.

Putin said that putting down the Russian plane will force "serious consequences for Russia's relationship with Turkey," according to CNN. He also said that the incident "represents a stab in the back by the terrorists' accomplices."

"I can't describe what has happened today in any other way. Our plane was downed over Syrian territory by an air-to-air missile from a Turkish F-16 jet," said Putin.

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