Rubber futures extended their rally, trading near 212 US cents per kilogram – the highest level since February 2017 – supported primarily by firmer oil prices amid stalled US–Iran negotiations and persistent tensions in the Strait of Hormuz. Natural rubber tends to track crude oil closely, as higher oil prices increase the cost of synthetic rubber and improve the relative competitiveness of natural rubber. On the supply side, conditions have brightened with the onset of the harvest season in major producing countries Thailand and Vietnam, while rainfall in China’s Yunnan province has eased earlier concerns about tight supply following heat and drought. On the demand side, reports indicate that many Chinese factories have already built up inventories ahead of the May Day holiday (May 1–5), a development that could dampen rubber consumption in the near term.