Black Sea Conflict Disrupts Grain and Oil Supplies

A surge in attacks on ships and ports in the Black Sea is disrupting global supplies of grain and oil. The region, shared by Russia and Ukraine among others, is a critical route for shipments of grain, crude oil, and refined products.

Russia and Ukraine have intensified attacks on each other's agricultural export facilities and commercial vessels in recent weeks, causing significant disruptions to trade flows.

The escalation has already affected global commodity markets, with the UN warning that 'the consequences are already visible in global agricultural markets.'

Ukraine recorded 35 attacks on vessels in port and 22 at sea in July, along with 67 strikes on port facilities. Russian shipping group FESCO suspended new shipment orders via the Black Sea after one of its vessels was hit in a Ukrainian drone attack.