An emboldened Russia started a war of conquest, drastically reducing supply. Though honestly there's plenty of effects from the coal market started by China's big moves, so it can't all be places on Russia. And Russia was going to do this at some point, it's been inevitable since their 2014 invasion, and also how their prior invasions and involvements have had almost zero pushback.

The pandemic made oil drilling + refining look like a bad investment, so the industry underinvested in new oil resources. Then Putin cut the oil and gas supplies to the world in an attempt to extort Europe into standing aside and accepting his conquest of Ukraine.