Food prices set to soar as Ukraine war drives wheat to 13-year high – live updates

Food prices set to soar as Ukraine war drives wheat to 13-year high – live updates

T here's also a renewed rally in oil prices as traders fear the conflict could disrupt shipments of the key commodity. Benchmark Brent crude rose 2.5pc to trade over $101 a barrel. It had surged as much as 9pc to above $105 yesterday during a wild day of trading. The US and UK unveiled tougher sanctions against Russia, but oil remained largely unaffected, helping to ease some of the initial concerns. Still, the prospect of all-out war has spooked markets. It's a slightly calmer story in gas markets, however, with prices halting their rally as Russia stepped up supplies to the continent. Benchmark European prices fell as much as 21pc after surging a record 60pc yesterday. Utility companies are ordering more gas under long-term contracts with state energy giant Gazprom after the surge in prices. That's because the deals are priced in such a way that Russian imports are now cheaper than spot gas traded at European hubs. R ussia's invasion of Ukraine has put a vital source of commodities at risk, threaten to wreak havoc through global markets. The disruption is likely to push up prices at a time when households are already battling a cost-of-living crisis. That's in