Russia-Ukraine conflict. Horse palm oil is the abbreviation of Malaysian palm oil and an important financial futures product in Malaysia. As of 20221October 27th 10, the product was closed for one day due to the conflict between Russia and Ukraine. Palm oil, a tropical woody plant oil, is the largest vegetable oil in the world in terms of output, consumption and international trade, and is also called "the three largest vegetable oils in the world" together with soybean oil and rapeseed oil.