Attacks on Russian ships in the Black Sea have led to wheat prices increasing.

Wheat prices rose after Ukraine used naval drones to disable a Russian oil tanker and warship. This threatened a key export route for Russian goods through the Black Sea.

As Bloomberg writes, Russia, the largest wheat shipper, transports most of its grain by water. Moscow plans to gather a second record harvest and sell it on the global market this year. Market participants believe any threat to Russian exports is much more serious than a threat to the Ukrainian export corridor.

As a result, on August 7 futures in Chicago rose by 3.4% to $6.55 per bushel. On Friday, prices closed another 1% higher after rising 4.3% amid Ukraine’s attack on a Russian warship.

Bloomberg notes that the Black Sea route also accounts for 15% to 20% of the oil that Russia sells daily on world markets, and it is also the main transit corridor for Kazakh oil.