Crude Palm Oil Prices Rise as Global Oil Jumps After Iran Tanker Attack

Crude palm oil (CPO) futures strengthened for a second consecutive day on 7 July 2026, with the September contract on the Bursa Malaysia Derivatives Exchange gaining 0.42% to 4,569 RM per ton. Traders cited higher soybean and palm oil prices on the Dalian exchange, as well as El Nino‑related weather concerns that could disrupt Malaysian production, as the main drivers. The stronger Malaysian ringgit also made CPO marginally more expensive for foreign buyers. Indonesia’s state‑owned PT Agrinas Palma Nusantara announced plans for new biodiesel and bioethanol facilities, expanding its portfolio into soybeans and cassava.

On the same day, global oil markets surged after Iran attacked a Qatari liquefied natural gas tanker near the Strait of Hormuz. Brent futures closed up 3% at US$74.16 per barrel and WTI rose 2.8% to US$70.44. Qatar’s foreign ministry demanded Iran halt actions that threaten regional security and maritime navigation. The price spike increased the attractiveness of palm oil as a biodiesel feedstock, linking the two commodity markets.