Fuel, food, fury...

Global commodity crises usually cause serious economic losses and political turmoil. The oil production crises of the 1970s triggered rapid inflation and a deep recession in Western countries. Oil revenues helped to both sustain the Soviet Union and fuel the export (spread) of extremism from Saudi Arabia. Skyrocketing grain prices in 2010 and 2011 were the catalyst for street protests that led to the Arab Spring and the overthrow of dictators in North Africa.

Today, Russia's invasion of Ukraine has triggered the biggest commodities crisis since 1973 and one of the largest disruptions to wheat supply since the First World War. Although there has been chaos on the commodity exchanges for some time, ordinary citizens have not yet fully felt the consequences of rising fuel bills, empty stomachs and political instability. But make no mistake, these things are coming – and they could be dramatic if sanctions against Russia are tightened further and if Vladimir Putin begins to retaliate!
Getty Images photo used