The outsized impact that oil prices have on the global economy means higher fuel and energy prices are all but guaranteed for many countries, not just those in the conflict region. …In the forest products sector, softwood lumber trade is one of the most directly exposed segments. Europe accounts for about one-third of the global softwood supply. Sweden and Finland are among Europe’s top exporters, along with Germany and Austria. …Lumber shipments out of Europe rely heavily on shipping routes through the Mediterranean, the Suez Canal, and the Gulf. Shipping costs are expected to escalate as fuel prices and risk premiums rise. Spikes in freight and insurance, along with rising energy costs in production and transport, could quickly start to make Nordic lumber less competitive while tightening margins. …Prolonged disruption in that region could force Nordic lumber producers to redirect volumes to Europe, North Africa, and Asia, causing price pressures in those markets.