Crop prices rose to a three-year high as heat waves and escalating attacks in the Black Sea threaten to disrupt global grain trade, reviving risks to food inflation that have also been stoked by the war in Iran.

The surge reflects mounting supply concerns as extreme weather damages harvests across major producing regions while geopolitical tensions escalate. Black Sea shipping routes, critical for wheat and corn exports from Ukraine and Russia, face renewed disruption from drone and missile strikes targeting port infrastructure.

Analysts warn the combined impact of climate stress and conflict could sustain elevated prices through the next planting season, pressuring central banks already battling persistent inflation. Import-dependent nations in Africa and the Middle East face heightened food security risks.