Malaysian palm oil futures snapped a five-day losing streak on Friday amid a jump in oil prices, even as the contract is set for a second consecutive weekly decline. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 40 ringgit, or 1%, to 4,024 ringgit ($840.26) a metric ton in morning trade, ending its longest losing streak since early December. The contract, however, is poised for a near 6% weekly decline. Dalian's most-active soyoil contract rose 0.37%, while its palm oil contract was up 0.54%. Soyoil prices on the Chicago Board of Trade climbed 1.14%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. The Malaysian ringgit , palm's currency of trade, weakened 0.17% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders. Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck sites in Iran, sparking concerns that Middle East oil supply could be disrupted. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.