Goldman Sachs analysts noted in a September 7 report that agricultural commodity prices face significantly increased upside risks due to the triple threat of the Strait of Hormuz situation, the Black Sea conflict, and a super El Niño. The firm believes that the increasingly fragmented global agricultural market and rising trade barriers are the true amplifiers of risk, leading to larger and more persistent price volatility from equivalent supply shocks. The report indicates that the BCOM Agriculture Spot Index has risen 24% year-over-year, with wheat prices up 41%.