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Commodities Post Record Weekly Gain of 13% on Ukraine War

  • U.S. crude futures posted record $24 a barrel gain this week
  • Wheat prices surge as war hits a quarter of global exports

Commodity prices soared the most on record this week 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 13% in the week ended Friday. That’s the most in data going back to 1960.