Brace for higher commodity prices as Russia invades Ukraine: Analysts

Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.

Investors and companies should brace for higher commodity prices over the next few weeks in the backdrop of Russian troops attacking Ukraine on Thursday. Meanwhile, US President Joe Biden threatened new sanctions against Russia for an act of aggression against Ukraine.

All this, analysts believe, can push prices of key commodities such as crude oil, ammonia, urea, potash, and phosphates higher. On Thursday, Brent crude oil prices hit the $100 per barrel mark for the first time since 2014 as a fallout of this development. And if analysts are to be believed, this is just the start of