Russia's impact on the global energy balance is far-reaching

Any escalation in hostilities will likely pose a significant risk to commodity exports and supplies and further inflate already elevated prices across energy classes and metals, said JPMorgan in a report.

Russia's impact on the global energy balance is far-reaching and oil is among the commodities most likely to see an impact should the situation intensify, it said.

With a more than 10 percent market share, Russia is one of the largest global oil producers. While it is the world's largest producer and exporter of fuel oil, Russia is also an important producer of aluminum, nickel, palladium and copper