As oil prices shoot to levels unseen since before the 2008 financial crisis, the energy industry is asking a previously unthinkable question: How would it cope if it has to forgo Russian oil?
Crude prices shot close to $140 a barrel, grain prices leapt and industrial metals rallied Monday as war in Ukraine and the West’s response threatened to hit supplies of commodities that underpin much of the world economy. The surge builds on weeks of gains for raw materials and stands to add to inflationary pressures ripping through the world economy.