Russia is a superpower in energy production and export，an important exporter of grain，fertilizer，and metals，and Ukraine is an important exporter of grain in the world. The destruction of the war and the sanctions of the United States and Western countries on Russia have seriously constrained the capabilities of commodities production and export in Russia and Ukraine，exacerbated the imbalance in the global supply of commodities，and led to soaring prices of energy，food and metals，especially the record high prices of natural gas in Europe，coal and nickel. The Russian-Ukrainian conflict will lead to a realignment of global energy flows，Russia will lose the European market and turn to Asia to find new market，the United States’ expensive LNG will replace Russia’s cheap pipeline gas as the main source of European gas imports. The marginal impact of the Ukraine crisis on Europe’s energy security is expected to diminish，but it will continue to be plagued by unstable energy sources for a longer term，especially during the winter heating season，although the intensity will be significantly weaker than the impact of the Ukraine crisis. It expected that the Europe will face energy supply instability problems in the coming years，especially in winter，but the most difficult period for European energy supply has passed，and the marginal impact of the conflict on its energy supply will decrease gradually. Affected by the combination of factors such as the sharp appreciation of the US dollar and the increase in the debt burden，the abilities of some low- and middle-income countries in the Middle East，Africa and Asia with high food dependence on Russia and Ukraine to pay for food imports have been seriously weakened，and the possibility of food crisis has significantly increased. Compared with energy and food market，the global metal market was less affected，and the event of the short squeeze in LSE nickel futures of Qingshan Group has been resolved smoothly，but the aluminum product market is subject to a high risk of volatility due to the potential US import ban of Russian aluminum.