There are three main areas we are likely to see affected – petrol, grain, and aluminium.
The price of crude oil has been steadily climbing to US$100 a barrel, and because Australia produces very little of it here, the price of petrol will continue to rise.
There has been a sudden increase of world oil prices overnight, and the price of a barrel has increased by $5 in the last 24 hours alone.
"They have jumped $10 in the last week alone, and it has been a continuation of what we have seen over the last 12 months," NRMA's Peter Khoury said today.
Mr Khoury said the prices have been particularly "volatile" recently and "will continue to be in the coming weeks".
"This is the second significant spike we have seen this week," he said.
This means Australian motorists will continue to pay more at the bowser.
However, with the average price still below $2 a litre, people are urged to "drive past" anyone charging more than that and shop around.
The price of grain may also increase as Ukraine and Russia produce nearly 25 per cent of the world's wheat.
Historically, the region has been seen as Europe's food bowl.
Now the two countries are at war that will cause the cost of wheat to spike, particularly in other parts of Europe.
However, unlike oil, Australia produces a lot of grain locally so the impact may not be felt as harshly here.
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Aluminium is another resource that will likely be impacted by the war and sanctions placed on the region.
A large alumina plant in Gladstone, Queensland, is 20 per cent owned by Russia-backed company Rusal and exports aluminium.
Due to broader sanctions, aluminium prices are poised to increase, which has an impact on manufacturing throughout the supply chain.