Commodity prices have surged amidst the Russia-Ukraine tensions. Crude oil has been making higher highs and higher lows and is trading around USD 118 per barrel.

Vikas Halan, Associate Managing Director of Corporate Finance Group at Moody's Investors Services in an interview to CNBC-TV18 said that crude prices could move even higher from current levels.

He said if the Russia-Ukraine war prolongs then you could see oil in the range of USD 100-150 in the next couple of quarters. He also expects the prices to remain elevated for the next 2-3 years.

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