Russia’s invasion of Ukraine and the resulting international backlash has plunged energy markets into chaos, threatening dire economic consequences that rival those of the 1970s oil shocks. Bloomberg’s gauge of raw materials was set for its biggest weekly gain since at least 1960 as sanctions on Russia scared off buyers. Coal racked up an unprecedented 80% rally, European natural gas broke price records and oil futures swung in the widest range in three decades. “You don’t shut down the second-largest commodity producer in the world and not expect bad things to happen,” said Jeff Currie, head of commodities research at Goldman Sachs Group Inc. Russia’s sudden economic isolation is choking off a major global source of energy, metals and crops. It’s threatening the country’s very foundations and raising fears of something the developed world hasn’t suffered in decades — acute inflation […]