Black Sea Conflict Sends Palm and Soybean Oil Prices Soaring

The ongoing conflict in Ukraine's Black Sea ports has led to increased demand for palm and soybean oil from importers, causing quotes for these oils to rise.

October Brent crude futures have surged by 2.2% to $91/barrel over the past seven days due to the lack of a deal with Iran and attacks on tankers, which supports prices for vegetable oils used in biofuels.

Palm oil futures on the Bursa Malaysia exchange rose 2.4% to a four-month high of 4,860 ringgit/t or $1,196/t, driven by stronger demand from India, up 47% in the last seven months.