Which of the following statements is true regarding the application of highly refined oils on crops?

The statement that highly refined oils suffocate insects by excluding oxygen is accurate because these oils often form a coating over the surfaces of plants and pests. When applied to crops, the oil covers the insect's body, blocking their spiracles, which are tiny openings used for respiration. As a result, the insects cannot breathe effectively, leading to suffocation. This method is commonly used in integrated pest management to control certain insect populations without the use of more toxic chemical pesticides.

In contrast, the other statements do not accurately describe the effects of refined oils. While oils may have various applications in agriculture, such as potentially mitigating some pests, they do not necessarily lead to increased crop yield, attract beneficial insects, or promote soil health like organic amendments would.