Last week, domestic vegetable oil market sentiment was driven by geopolitics, exhibiting dramatic "roller coaster" volatility. Prices remained high at the beginning of the week, supported by US-Iran tensions. After the US-Iran interim ceasefire agreement was reached on April 8, international crude oil prices dropped sharply, leading to significant declines in domestic soybean oil and palm oil futures contracts. However, long-term supply tightening expectations from biofuel policies (Indonesia's B50, Thailand's export ban), together with the extremely high export cost-effectiveness of domestic soybean oil, provided bottom support, limiting the declines. The market overall showed a high-level pullback under the impact of macro sentiment, but medium- to long-term fundamental logic remains unchanged.