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“Over the weekend, peace talks between the U.S. and Iran fell apart, and as a result, President Trump announced that the U.S. would blockade all vessels in the Strait of Hormuz. While this move could increase crude oil prices, which may support soybean oil, it could also anger China who Trump is supposed to meet with next month regarding a trade deal. There is speculation that this meeting may be cancelled due to the blockade,” John Heinberg of Total Farm Marketing said.