Commodities extended their massive rally as Russia’s invasion of Ukraine continues to roil global markets and fuel fears of supply crunches. Prices from crude and nickel to aluminum and wheat soared, as raw materials stage their most stunning weekly surge since 1974, during the days of the oil crisis.
Russia’s growing isolation is choking off a major source of energy, metals and crops, sparking fears of prolonged shortages and accele- rating global inflation. Traders, banks and shipowners are increasingly avoiding business with Russia because of the difficulty in securing payments, while shipping lines are shunning bookings from the region.
WTI oil jumped as much as 5. 7% on Friday before paring gains as traders assessed the severity of a nuclear plant attack. Prices are still up about 22% this week.
