Brent crude futures charged towards $120 a barrel on Thursday (March 3), its highest in almost a decade, as
U.S. sanctions targeting Russian refineries and disruptions to shipping begin to bite.
Russia is the world's third biggest oil producer and the largest exporter of oil to global markets, according to the International Energy Agency.
There's now concerns that its oil and gas exports could be the next target of U.S. sanctions.
Washington has stopped short of targeting energy exports as the Biden administration weighs the impact on global oil markets and U.S. prices.
In industrial metals, aluminium traded in London rose 2.3% to an all-time high of $3,650 a tonne, while nickel climbed more than 4%.
Traders are racing to factor in a loss of supply from the third-largest producer of both metals.
Aluminium prices on the London Metal Exchange have gained 30% this year.
Meantime, U.S. wheat futures have surged 25% this week alone.
That as markets attempt to price in the impact of a potential loss of Russian supplies if the international community rolls out additional measures against Moscow.
Russia and Ukraine were projected to account for 28.5% of global wheat exports in 2021, according to the U.S. Department of Agriculture.
The crisis has seen global prices for the grain jolt higher to try to accommodate a big drop in supplies from both countries.
For businesses, and consumers, it all spells higher prices ahead.
