(March 2): Soybean oil jumped to the highest level in more than two years, tracking crude prices higher after strikes by the US and Israel on Iran over the weekend. Higher crude prices usually make other fuel sources such as biodiesel more attractive, boosting demand for vegetable oils. “It will be like a magnet with crude oil this week following the attacks in Iran,” said Joe Davis, director at brokerage Futures International LLC. Crude spiked before paring the biggest surge in four years, with the US-Israeli war against Iran plunging the oil market into turmoil, triggering concerns about prolonged disruptions at the Strait of Hormuz. Benchmark palm oil futures traded in Kuala Lumpur jumped as much as 1.1% to RM4,086 a tonne.

Source: The Edge Markets March 02, 2026 04:35 UTC