Ukraine war is a 'serious inflation story' and oil markets could be in a huge hole, says RBC Capital's head of global commodity strategy

• The Ukraine war is causing oil and commodities to skyrocket, and this could severely impact inflation, said RBC's top commodity strategist.
• "This is a serious, serious inflation story," Helima Croft told CNBC on Friday.

Skyrocketing prices for oil and other commodities are going to put major pressure on inflation, according to Helima Croft, RBC Capital Markets head of global commodity strategy.

While Western sanctions against Moscow have avoided targeting Russia's energy exports directly, companies are still choosing on their own to avoid doing business with the country, or "self-sanctioning."

In an interview with CNBC Friday, Croft referenced a new report from the Oxford Institute for Energy Studies that said self-sanctioning alone could take off upwards of 70% from Russia's energy exports.

That would leave a "very serious hole" in the oil market that other producers like the US or OPEC can't easily fill, she warned. Meanwhile, wheat prices have hit their highest levels since 2008, and shipments from top grain producer Ukraine are at risk as certain ports there will be inoperable, she added.

"This is a serious, serious inflation story," Croft said.

Since Russia invaded Ukraine last week, commodities have soared. In addition to oil and grains, metals like nickel, aluminum and palladium have surged.

On Friday, JPMorgan warned that a shortage of key metals could bring risk to the auto and semiconductor supply chain.

Croft, who has called Russia a "commodities superstore," also suggested the inflationary effects of the Ukraine war will not go away soon.

"This is not going to be a short conflict," she said.