# Malaysian Palm Oil Prices Climb Due To Middle East Tensions

> Malaysian palm oil futures rose about 1% on October 3, 2024, to 4,045 ringgit a metric ton after Iran's missile strike on Israel raised fears of wider conflict. Brent crude climbed nearly 2% to $74.94 a barrel, and Chicago soyoil gained over 1%.

- Date: 2024-10-03 · published 2024-10-03T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/7767-malaysian-palm-oil-prices-climb-due-to-middle-east-tensions
- 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 prices from geopolitical risk make palm and soyoil more attractive for biodiesel, lifting edible oil prices. The EU's reported 36% drop in palm imports for 2024/25 also points to tighter supply.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2024-10-07 | 5 | +13.0% | 3.2 | Directly documents Brent rising nearly 2% to $74.94 on Oct 3 after Iran's strike on Israel raised fears of wider conflict, a sentiment-driven supply-risk premium contributing to the move. |
| PALMOIL | 2024-10-04 | 5 | +9.1% | 4.5 | Oct 3 palm rose about 1% as Brent and soyoil climbed on fears of wider conflict, continuing the energy-linked rally. |
| PALMOIL | 2024-10-07 | 5 | +9.3% | 4.1 | Oct 3 palm rose about 1% as Iran's strike on Israel lifted Brent and soyoil, adding to the geopolitical and crude-linked momentum. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2026-04-02 | [HLIB Research: Middle East tensions to lift near-term palm oil prices](https://feedsoft.ai/events/9476-hlib-research-middle-east-tensions-to-lift-near-term-palm-oil-prices.md) | -1.0% | -2.2% |
| PALMOIL | 2024-10-08 | [CO Futures Close Higher Amid Middle East Tensions, Crude Oil Rally – MPOC](https://feedsoft.ai/events/7765-co-futures-close-higher-amid-middle-east-tensions-crude-oil-rally-mpoc.md) | -0.9% | +10.5% |
| 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 | 2024-10-02 | [CPO Futures Close Higher Amid Rising Tension In The Middle East - Malaysia News Gazette](https://feedsoft.ai/events/7242-cpo-futures-close-higher-amid-rising-tension-in-the-middle-east-malaysia-news.md) | +3.6% | +5.8% |
| PALMOIL | 2026-04-01 | [Middle East conflict could spur palm oil demand from biodiesel sector](https://feedsoft.ai/events/20266-middle-east-conflict-could-spur-palm-oil-demand-from-biodiesel-sector.md) | +1.8% | +1.7% |
| SBO | 2026-04-02 | [HLIB Research: Middle East tensions to lift near-term palm oil prices](https://feedsoft.ai/events/9476-hlib-research-middle-east-tensions-to-lift-near-term-palm-oil-prices.md) | +1.8% | +7.0% |
| 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 | 2024-08-26 | [Palm and soybean oil prices rise in response to recovery in crude oil prices](https://feedsoft.ai/events/28878-palm-and-soybean-oil-prices-rise-in-response-to-recovery-in-crude-oil-prices.md) | +3.3% | +1.0% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/malaysian-palm-oil-prices-climb-due-to-middle-east-tensions/

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