LAUSANNE—Energy and commodity markets are in shock after Russia’s invasion of Ukraine, the world’s top trading firms said on Tuesday, warning of gas and diesel shortages in Europe and economic recession if Russian flows fall further. Prices across gas, oil, metals, and agricultural markets have soared since the invasion and become so volatile that companies have had to cut traded volumes owing to strained liquidity. The chief executives of four of the biggest energy traders—Vitol, Gunvor, Mercuria, and Trafigura—said the gas market in particular had become dysfunctional owing to unmanageable margin calls. “The longer the war goes on, the greater the chance of an economic recession,” Vitol CEO Russell Hardy told the FT Commodities Global Summit. Russia calls the biggest invasion in Europe since World War Two a “special military operation” to disarm Ukraine and protect it from “Nazis”. The West says this is a false pretext for an unprovoked …