(Bloomberg) -- A gauge of commodities soared to an all-time high as geopolitical tensions boosted energy prices, worsening fears of inflation around the world.

The Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures contracts, rose 1% on Wednesday, topping an October record. The index has doubled since sinking to a four-year low in March 2020.

The biggest gainers so far this year are crude oil, natural gas, diesel and gasoline as a European energy crisis, supply constraints and Russia-Ukraine tensions come at a time when demand is recovering and worries about the omicron variant ease. Soybeans, aluminum and nickel have also rallied. 

The surge in energy and crop prices has been a thorn in the side of policymakers who are forced to consider interest-rate hikes to contain inflation at a time when economies are still recovering from pandemic-led downturns. U.S. President Joe Biden has ordered the release of crude from the U.S. strategic reserve to ease energy costs for Americans, but oil and gasoline have continued to rally. 

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