Palm Oil Futures Rise 1% as Brent Tops $85 on US-Iran Hostilities
Updated
Updated · Bloomberg · Jul 14
Palm Oil Futures Rise 1% as Brent Tops $85 on US-Iran Hostilities
2 articles · Updated · Bloomberg · Jul 14
Summary
Kuala Lumpur palm oil futures climbed as much as 1%, extending the prior session’s 0.5% gain for a second straight day.
Brent crude has jumped more than 11% this week to above $85 a barrel, lifting the appeal of biofuels and supporting demand expectations for vegetable oils.
The oil rally followed fresh US strikes on Iran and President Donald Trump’s renewed blockade on Iranian ships transiting the Strait of Hormuz.
That link leaves palm oil prices increasingly tied to geopolitical shocks in energy markets, not just food and crop fundamentals.