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Commodities Jump Most Since 2009 as Ukraine War Threatens Supply

  • Crude oil jumps past $105 with Russia’s isolation deepening
  • War is also choking grain supplies from top growing region
Corn stored at a grain terminal at the port of Yuzhny in Ukraine in 2018.

Corn stored at a grain terminal at the port of Yuzhny in Ukraine in 2018.

Photographer: Vincent Mundy/Bloomberg

Commodity prices soared the most since 2009 as Russia’s invasion of Ukraine threatens key supplies of energy, crops and metals that were already tight as major economies emerged from the pandemic.  

The Bloomberg Commodity Spot Index, which tracks 23 futures contracts, climbed 4.1% on Tuesday. The gauge has more than doubled from a four-year low reached in March 2020, during the early days of the health crisis.