Soybean oil prices climbed as much as 4.6%, resuming their upward trend as persistently high crude oil prices continue to support the biofuel sector.

With no signs of improvement in the Strait of Hormuz situation, the crude oil market has surged again, pushing soybean oil—used in producing renewable diesel and cooking oil—close to Monday's peak, which was its highest level since 2022. Recent attacks on three vessels in the region have heightened concerns over shipping safety amid escalating conflict.

Karl Setzer, an analyst at Consus Ag Consulting, noted, "This morning's developments suggest the conflict is intensifying, adding a risk premium to the market."

Crop prices, from corn and soybeans to wheat, have risen due to uncertainty stemming from U.S. and Israeli responses to Iranian attacks. This has also driven up fertilizer costs ahead of the spring planting season.

Price Updates: - As of 12:14 PM Chicago time, soybean oil rose 3% to 67.56 cents per pound. - Soybeans increased 1.2% to $12.1575 per bushel. - Canola jumped 2.4% to CAD 737.20 per metric ton. - Wheat edged up 0.2% to $5.92 per bushel. - Corn advanced 1.4% to $4.5875 per bushel.