The growing threat of a Russian invasion of Ukraine had the energy market on edge Monday, when oil and natural gas prices again moved higher.

The standoff has also upended metals markets, weighed on equities and is creating additional inflationary pressures. The U.S. warned Friday that an attack could be imminent, sending commodity prices up.

German Chancellor Olaf Scholz was scheduled to speak with Russian President Vladimir Putin in Moscow on Tuesday in the latest diplomatic push to ease tensions. Spot liquefied natural gas (LNG)  prices in Asia followed European natural gas benchmarks higher Monday as concerns over supply disruptions continued.

“Two big topics currently dominate the market, very mild weather forecasts for large parts of the continent and the fears of a...