Global wheat prices have risen by more than 4% following Ukrainian attacks on Russian vessels in the Sea of Azov, according to Bloomberg.
The agency reported that Ukraine recently announced it had struck a total of 76 Russian vessels in the Sea of Azov, including dry cargo ships transporting grain. The attacks reportedly caused significant disruptions to shipping in the waterway.
According to Bloomberg, Russia has responded by targeting infrastructure at Ukraine's key Black Sea ports of Odesa, Chornomorsk and Izmail, all of which play a critical role in the country's grain exports.
The report said the escalation in attacks on ports and cargo shipping by both sides has heightened concerns over global grain supplies, contributing to a rise of more than 4% in international wheat prices.
The renewed disruption to grain export routes has added to uncertainty in global agricultural markets, where the Black Sea region remains one of the world's most important suppliers of wheat and other cereals.
