The global commodities market is at a vital point in its current cycle. Years of underinvestment have caused massive supply problems in the energy market. Climate change has drastically changed the food production supply chain. And central bank rate hikes are adding to real yields - creating a headwind for gold investors at a time when gold should be thriving. It's also been just over a year since Russian forces invaded Ukraine, causing already high prices to soar even more. At the outbreak of the war, some energy prices increased by more than 100% in a matter of days. According to McKinsey, more than 1,000 companies have withdrawn their operations in Russia, the world's 11th biggest economy, since the first days of the invasion.  While we recognise the tragedy and injustice of war, we also cannot avoid its impact on financial markets.  As the conflict enters its second year, Livewire's economics series Signal or Noise is taking a closer look at how the war has changed investing and the wider economic landscape. We'll also take a close look at the commodities market - the asset class which saw the biggest single movements as a consequence of the war.