Commodity markets extended their bull runs on Thursday, with aluminium, coal and palm oil all hitting new records while crude oil and wheat scaled multi-year highs as Russia's invasion of Ukraine disrupted global raw material flows.
Russia's stature as a top supplier in oil, gas, metals, grain and shipping markets has meant that the harsh sanctions applied to several Russian entities following Moscow's invasion of Ukraine has upended several critical resource supply chains.
Brent crude oil rose above $118 a barrel for the first time since February 2013 as buyers grappled with financing and shipping issues that have paralysed purchases from the third-largest oil producer this week."Russia's invasion of Ukraine spells further turmoil for global energy markets already reeling from extreme price volatility over the past two years," said Sam Reynolds, an energy finance analyst with the Institute for Energy economics and Financial Analysis, .
For grains, Russia and Ukraine were projected to account for 28.5% of global wheat exports in 2021, according to the U.S. Department of Agriculture, so global wheat prices have jolted higher to try to accommodate a big drop in supplies from both counties.
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