Commodity prices ran wild as the prospect of more sanctions on Russia sent costs of raw materials rocketing. Prices of palladium, a precious metal used in catalytic converters for cars, also climbed to record highs of over $3,000 an ounce as investors fretted sanctions could cut off access. Things were similarly frantic outside the metals markets, with oil and gas prices having soared as Western countries discuss ways to reduce their reliance on Russian energy. Both the UK and the US yesterday announced plans to ban imports of Russian oil in a bid to ratchet up economic pressure on Moscow. The shadow of war has spread to international food markets with prices of wheat soaring to record highs.

Source: Daily Mail March 09, 2022 16:49 UTC