Crude Oil Jumps on US-Iran Tensions, Boosting Palm Oil Prices

Malaysian palm oil futures rose for a second session, primarily driven by a significant increase in crude oil prices. Oil prices jumped as renewed attacks between the United States and Iran disrupted key shipping routes, making palm oil a more attractive option for biodiesel feedstock. The benchmark palm oil contract gained 0.32% to 4,679 ringgit. Rising crude oil prices could fuel global inflation concerns, potentially increasing demand for gold as an inflation hedge and impacting the USD/PKR exchange rate.

بحوالہ / Source: www.brecorder.com