Goldman Sachs expects a rise in the prices of commodities that Russia is a major producer of and lifted its short-term Brent crude forecast as the West stepped up political and economic sanctions on Moscow for its invasion of Ukraine. “The range of near-term price outcomes for commodities has become extreme, given the concern of further military escalation, energy sanctions or potential for a cease-fire.” Goldman said in a note to clients on Sunday. Further, “we expect the price of consumed commodities that Russia is a key producer of to rally from here—this includes oil, European gas (and hence aluminum), palladium, nickel, wheat and corn,” Goldman said. The bank raised its one-month Brent crude oil price forecast to $115 a barrel from $95 per barrel previously, with “significant upside risks on further escalation or longer disruption.” Brent crude futures on Monday rose to well above the key $100 a barrel …