https://www.siliconvalley.com/2022/03/14/jill-on-money-us-ban-on-russian-oil-hits-markets-and-consumers/

As the Russian invasion of Ukraine neared the end of its second week, emotions were running high. On March 7, speculation that the Biden Administration would announce new limitations on Russian energy imports sent prices of commodities higher, and prices of stocks lower.

U.S.-traded West Texas Intermediate Crude Oil surged to a 13-year high of $120 per barrel, wheat hit its highest price since 2009, and iron soared by 90%, nearly four times the price seen just days before.