Iran's Supreme Leader has vowed to keep the strategic Strait of Hormuz closed, propelling crude oil prices higher and lifting soybean and palm oil futures during the night session. The complex situation in the Middle East persists, keeping vegetable oil markets range-bound with a firm tone in the short term.On the spot front, significant volumes of the June to September month contract at a basis of Yuan +220/tonne for M2609 were traded in the northern region yesterday, with speculative players positioning in forward basis. While near-month basis faces support from planned crusher maintenance shutdowns, elevated futures prices continue to suppress basis performance and dampen downstream buying interest.