# Palm and soybean oil prices rise in response to recovery in crude oil prices

> Palm and soybean oil prices rose as crude oil recovered on renewed Middle East tensions after Hamas rejected a Gaza truce proposal and Hezbollah attacked Israel. October Brent rose 4% to $79 and Chicago December soyoil gained 4.4% over the week, while Bursa palm oil futures rose 5.1%, their largest weekly gain since mid-2023.

- Date: 2024-08-26 · published 2024-08-26T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/28878-palm-and-soybean-oil-prices-rise-in-response-to-recovery-in-crude-oil-prices
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude lifts biofuel economics and draws vegoil demand, while Malaysian exports falling 16-18% in August and Indonesia's planned biodiesel blend increase tighten palm supply, supporting vegoil prices.

## Read by commodity

- SBO: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2026-08-29 | [China's Palm, Soybean, and Rapeseed Oil Futures Rise; Crude Up Over 2% on Middle East Tensions \| Gate News](https://feedsoft.ai/events/10975-china-s-palm-soybean-and-rapeseed-oil-futures-rise-crude-up-over-2-on-middle.md) | +4.8% | +1.7% |
| PALMOIL | 2026-03-11 | [Crude oil surge likely to support palm prices \| The Star](https://feedsoft.ai/events/15488-crude-oil-surge-likely-to-support-palm-prices-the-star.md) | +2.4% | +4.1% |
| PALMOIL | 2022-04-01 | [Soybean oil prices have fallen, but palm and sunflower oil prices remain high 01.04.2022 - UkrAgroConsult](https://feedsoft.ai/events/4038-soybean-oil-prices-have-fallen-but-palm-and-sunflower-oil-prices-remain-high-01.md) | -8.9% | -1.8% |
| PALMOIL | 2019-09-20 | [Ringgit higher at opening, tracking higher crude oil prices \| Malay Mail](https://feedsoft.ai/events/57342-ringgit-higher-at-opening-tracking-higher-crude-oil-prices-malay-mail.md) | -1.2% | -0.6% |
| PALMOIL | 2024-10-03 | [Malaysian Palm Oil Prices Climb Due To Middle East Tensions](https://feedsoft.ai/events/7767-malaysian-palm-oil-prices-climb-due-to-middle-east-tensions.md) | -0.9% | +1.5% |
| SBO | 2026-08-29 | [China's Palm, Soybean, and Rapeseed Oil Futures Rise; Crude Up Over 2% on Middle East Tensions \| Gate News](https://feedsoft.ai/events/10975-china-s-palm-soybean-and-rapeseed-oil-futures-rise-crude-up-over-2-on-middle.md) | +4.8% | -0.8% |
| SBO | 2024-12-23 | [Rapeseed and its Oil Prices Rise Amid higher Demand and Supply Constraints](https://feedsoft.ai/events/27064-rapeseed-and-its-oil-prices-rise-amid-higher-demand-and-supply-constraints.md) | +0.3% | +10.6% |
| SBO | 2026-03-30 | [Biofuel Demand, Iran Conflict Push Soybean Oil Prices Toward New Peak - Bloomberg](https://feedsoft.ai/events/20195-biofuel-demand-iran-conflict-push-soybean-oil-prices-toward-new-peak-bloomberg.md) | +4.8% | +6.2% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/palm-and-soybean-oil-prices-rise-in-response-to-recovery-in-crude-oil-prices/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.