There will be a range of commodity impacts if Russia and Ukraine end up in open war. Oil and gas are the obvious ones as Russia-European pipelines are jeopardised. But there is also 34mt of iron ore to consider and a lot of wheat.
If there were to be an oil price spike then other commodities would also rise in sympathy with the stagflation bid. Because of this, after an initial correction, the AUD may well rise in the event of war.
JPM with the note: