Oil and natural gas prices rose sharply following the invasion, and they are expected to remain elevated this year. Energy bills will rise for energy importers, pushing inflation up and weighing on demand. Energy exporters will benefit from rising prices. Russia and Ukraine are also key producers of sunflower seed oil, wheat, barley, corn, and fertilizers. And global prices for these products and certain substitutes have surged. Limited access to Black Sea ports and a disrupted spring planting season in Ukraine will keep prices high throughout the year. International sanctions might also affect the availability of base metals, including aluminum, nickel, palladium, and titanium, from Russia, a key exporter of these metals.