Ukraine’s crisis is causing the global price of raw materials, especially energy to soar. In the week since Russia announced its military action against Ukraine on February 24th, the oil price once rose to the highest level in the past decade on March 2nd. The rise in energy prices also drives up prices, and the inflationary pressure in European countries continues to increase.On February 2nd, WTI price of West Texas light crude oil once reached US$ 112,51 per barrel, the highest level since 2013. But then the price dropped slightly, with an increase of 7.48% compared with the previous day’s price. The price of North Sea Bronte crude oil once climbed to US$ 113,94 per barrel, the highest level since 2014. As the European index price, the Dutch TTF natural gas price once rose by 36.27%, reaching 194,715 euros per million watt-hours, the highest in history. Russia is the second largest exporter of crude oil in the world, and more than 40% of the annual natural gas consumption in the European market comes from Russia. The International Energy Organization recently announced that it would put 60 million barrels of reserve oil from member countries into the market, hoping to ease the market pressure. However, on March 2nd, the Organization of Petroleum Exporting Countries decided not to increase the output temporarily, driven by Saudi Arabia and Russia, which to some extent eliminated the effect of the measures of the International Energy Organization.The rising energy prices have also made the inflation situation in the US and European countries more severe in recent months. The month-on-month inflation rate in the euro zone reached 5.8% in February. Sanctions such as the closure of ports in some countries or the suspension of shipping routes between some freight groups and Russia have also led to concerns about the interruption of the transportation chain, which has driven the prices of the global metal raw materials market to soar, especially the price fluctuations of aluminum and nickel which are heavily dependent on Russia’s exports. The price of aluminum on the London Metal Exchange reached 3,580 US dollars per ton on Tuesday, the highest level in history. The price per ton of nickel ore has also risen to the highest level since 2011, at $26,505 per ton. According to the figures of the Global Bureau of Metal Statistics, in 2021, Russia is the third largest producer of aluminum ore after China and India. Walid Koudmani, an analyst at XTB, a brokerage company engaged in foreign exchange and price difference contract trading, believes that unless the geopolitical tensions are alleviated, this trend of price increase will continue and trigger a chain reaction in different fields and consumer prices.