JAKARTA: Malaysian palm oil futures extended gains to a second straight session on Monday, and hit a one-week high, tracking strength in Dalian and Chicago edible oils, while gains in energy complex also lent support. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 61 ringgit, or 1.51%, to 4,103 ringgit ($1,051.24) a metric ton by the midday break. “Bursa Malaysia CPO futures opened higher, tracking price spreads in rival oilseeds,” a Kuala Lumpur-based trader said. “Sentiment also find(ing) support from gains in the energy complex, as supply-risk concerns intensify amid escalating tensions in the Middle East, threatening one of the world’s most critical energy corridors.” Dalian’s most-active soyoil contract gained 0.29%, while its palm oil contract rose 1.55. Soy oil on the Chicago Board of Trade added 1.99%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices jumped to its highest since January 2025 earlier in the session, as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Meanwhile, Indonesia has raised its crude palm oil exports levy to 12.5% of the CPO reference price from 10%, a finance ministry regulation showed, a move officials said aims to finance its biodiesel blending mandate. Exports of Malaysian palm oil products fell 21.5% to 1,149,063 metric tons in February from 1,463,069 metric tons shipped during January, cargo surveyor Intertek Testing Services said. Indonesia exported 2.24 million metric tons of crude and refined palm oil in January, up 77.07% year-on-year, statistics bureau data showed on Monday, with shipments valued at $2.29 billion. Palm oil may test resistance at 4,111 ringgit per metric ton, with a good chance of breaking this level and rising toward 4,168-4,193 ringgit range, Reuters technical analyst Wang Tao said.