While the awful humanitarian news continues to flow out of the Ukraine last week saw financial markets focus on the potential risks towards commodities markets and by definition global inflation if we see a prolonged conflict / economic stalemate. History tells us that higher inflation leads to rising interest rates which is a significant headwind for equities, and risk assets generally. Petrol prices have already gone crazy in Sydney, the local station has standard 95 at $2.35, I remember back in the middle of the Coronavirus panic it actually dipped under $1, that’s a clear read on inflation. We’ve all heard how commodity prices…