Chicago soybean oil futures increased to a three-week high following fresh US military strikes on Iran. This escalation in tensions led to a rise in crude oil prices, which in turn increased the demand outlook for biofuel feedstocks.
Most-active soybean oil contracts saw a gain of up to 1.8% on Wednesday. This extended a five-day winning streak for soybean oil. The price hike occurred after the US announced it had targeted over 80 Iranian sites in retaliation for a series of attacks on ships in the Strait of Hormuz.
