Commodities Hit New Highs as Traders Shun Russian Purchases

Oil passes $110 while wheat climbs to highest since 2008
China prioritizes commodities supply security as war escalates

Global oil markets have been thrown into turmoil as traders avoid Russian crude in the wake of the nation’s invasion of Ukraine. Bloomberg’s Dani Burger reports.Source: Bloomberg

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By Will Kennedy and Alex Longley

March 2, 2022 at 12:02 PM UTC

Updated on

March 2, 2022 at 8:45 PM UTC

This article is for subscribers only.

Global commodity markets surged to multiyear highs on Wednesday after traders backed away from Russia, sparking anxiety that supply will fall short in everything from wheat to natural gas.

Oil passed $110 a barrel, aluminum hit a fresh record and wheat rose to the highest since 2008. In Europe, natural gas prices and coal set all-time highs, deepening the region’s energy crisis.