Canola Futures Rise Amid Crude Oil Spike

Canola futures on the Intercontinental Exchange (ICE) continued their upward trend in midday trading on Thursday, buoyed by support from comparable oils. This follows a series of attacks on Saudi oil tankers by Iran-backed Houthi rebels in the Red Sea and Gulf of Aden, which has led to a surge in crude oil prices.

The attacks have caused a significant increase in crude oil prices, with more than $1 per barrel added to the market. This has, in turn, supported canola futures, as investors seek safe-haven assets.

European rapeseed was also up during this time, while Chicago soyoil saw a slight increase. In contrast, Malaysian palm oil declined.