State Farm said Thursday that metal thieves in search of platinum, rhodium and palladium are stealing catalytic converters in ever-greater numbers.

Prices of palladium, coal and other commodities have skyrocketed since Russia's Feb. 24 invasion of Ukraine, while sanctions on Moscow drive Western consumers to replace Russian supply.

Soaring oil prices and the Ukraine war have slammed appetite for riskier assets.

Russia produces 25-30% of the world's palladium, a precious metal used by automakers in exhaust systems to reduce emissions.

With most of Europe’s airspace closed to flights from Russia, buyers are worried about securing supplies of the precious metal.

Spot gold is trading at a level last seen during the record-setting month of August 2020.

Meanwhile, another precious metal, palladium, has been enjoying monstrous gains over the past week.