Rising Oil Prices May Be Short-Lived Due to Expected Surge in Cheap Oils

Rising oil prices have supported vegetable oil prices, but an expected surge in cheap rapeseed and sunflower oil from Ukraine and Russia may put pressure on prices.

Oil prices are up 12.7% to $89/barrel in the last week due to the lack of a deal with Iran and tensions in the Strait of Hormuz.

The increased shelling of Ukrainian ports has stopped sea exports, but Ukraine is retaliating by attacking Russian terminals and vessels in the Black Sea, limiting export supplies from Russian Black Sea ports.