Palm oil bounced back on concerns that escalating tensions in the Black Sea region could affect global supplies of alternative vegetable oils. Russia attacked Ukraine’s southern Odesa region on Wednesday, killing at least five and damaging a ship, the third vessel hit by Russian missiles in four days. The two nations account for about 80% of global sunflower oil trade. “The latest Russian attack has boosted prices of sunflower oil, supporting the edible oil complex in general,” said a trader. “Vessels carrying sunoil are facing a heightened risk of direct attacks.”Free-on-board export prices of sunflower oil at Ukraine’s Chornomorsk port were at their highest level since March last year, while soybean oil extended gains in Chicago. A rise in crude oil prices also boosted the appeal of the tropical oil as a biofuel feedstock.Crude oil headed for a second weekly gain as Israel readied plans to retaliate against Iran, raising worries about disruptions to supplies from the Middle East. (Source:Bloomberg)
