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European gas prices are already up 35%, as the Ukraine crisis escalates into a military confrontation just a while after Russian President Vladimir Putin announces the launch of a special military operation and Zelensky announces a state of martial law. 

While Russia supplies Europe with about 40% of its gas, the old continent is vulnerable to the consequences of the conflict, which they themselves - NATO members - have been participating in. 

While there were plans that Qatar would provide natural gas to Europe - even at the expense of already providing customers in Asia - the oil-rich producer does not have a surplus and could not fill in the supply gap.

In parallel, some major oil importers have been pressuring OPEC+ to pump faster and to pressure Saudi Arabia, among others, to provide Europe. 

However, Qatar and Saudi Arabia are allied with both Washington and Moscow: Nevertheless, despite both having US military bases, their relationship with Russia has grown substantially over the years.

"Saudi Arabia sees great value in keeping Russia as a partner in OPEC," said Ben Cahill, a senior fellow at the Center for Strategic and International Studies.

During the gas summit in Doha, Qatar contended that much of the record gas prices in Europe is primarily due to its lack of investment in Gulf gas before the Ukraine crisis started - Qatar has been demanding supply contracts for 25 years.

Aluminum prices, in addition, have hit a record-high price just after the launching of the attack: prices jumped as high as $3,382.50 per tonne, breaking the previous record of $3,380.15, which was reached in July 2008 during the worldwide financial crisis.

Russia produces about 6% of the world's aluminum.

Meanwhile, oil prices are up over 5% with Brent Crude, just over 100$ which hasn't been seen since September 2014. 

Read more: Oil prices jump after recognition of Lugansk and Donetsk

 

As the US, Australia and European allies impose further sanctions on Moscow, it is only expected that these prices go up.