With the military conflict in Ukraine, energy prices have surged to their highest levels in recent times. Brent oil prices surged to $120 per barrel in early March, sharply higher than one year earlier. Natural gas prices on spot markets spiked in tandem and reached a record level of $6 per MMBtu. Global prices of coal and wheat have also sharply increased. Although spot markets tend to overreact and energy prices have partially retreated, they have not returned to previous levels.