Updates midday prices and adds trader's comment

KUALA LUMPUR, Oct 2 (Reuters) -Malaysian palm oil futures edged higher on Wednesday, driven by gains in crude oil prices after Iran's ballistic missile strike on Israel stoked fears of a wider conflict in the Middle East.

The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange was up 39 ringgit, or 0.97%, at 4,045 ringgit ($972.59) a metric ton at the midday break. The contract rose 1.8% in overnight trade.

The market opened higher, buoyed by firmer crude oil prices on the Middle East news, a Kuala Lumpur-based trader said.

Oil prices rose by more than a dollar due to rising concerns Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel. O/R

Brent crude futures LCOc1 for December were up 1.88% at $74.94 a barrel, as of 0518 GMT. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Soyoil prices on the Chicago Board of Trade BOcv1 rose 1.14%. Dalian's vegetable oil markets were closed for the Golden Week holiday in China.

Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.

The ringgit MYR=, palm's currency of trade, strengthened slightly against the dollar, making the commodity more expensive for buyers holding foreign currencies.

The European Union's palm oil imports so far in the 2024/25 season that started in July stood at 645,000 metric tons, as of Sept. 29, down 36% from a year earlier, data from the European Commission showed on Tuesday. The EU is the world's third-largest importer of palm oil.

Palm oil could rise into a range of 4,120 ringgit to 4,153 ringgit per metric ton, as it may have resumed its uptrend, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.1590 ringgit)

Reporting by Ashley Tang; Editing by Sonia Cheema and Subhranshu Sahu

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