From Oil to Nickel to Wheat, Commodities Mayhem in Five Charts
- Global crude benchmark rallied to near $140 on Monday
- Nickel jumped as much as 90% on the London Metal Exchange
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Global commodity prices are surging anew, with huge double-digit gains running rampant across the scorecard, putting further pressure on an already strained market and sparking fresh anxiety of stagflation.
The market chaos caused by the war in Ukraine hit a new level on Monday amid reports the U.S. is considering a ban on Russian crude imports. That followed a warning by the International Monetary Fund of “very serious” economic consequences from the conflict and related sanctions imposed on Moscow. The rally from oil to wheat and natural gas to nickel is threatening a still-fragile economic recovery from the pandemic, exacerbating an inflationary surge for energy-consuming nations and worsening a cost-of-living crisis for millions.