Oil rose more than $1 per barrel, clawing back losses from the previous session, on concerns that protracted fighting in the Middle East will further disrupt energy flows, Reuters.

Brent futures rose $1.65, or 1.61 per cent, to $103.87 a barrel by 0424 GMT, while US West Texas Intermediate crude futures were up $1.49, or 1.65pc, at $91.81 a barrel.

Both benchmarks slumped more than 2pc a day before.

“Optimism regarding a ceasefire has faded,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.

He added that the bar set by Washington appeared high, leaving oil prices vulnerable to further volatility depending on negotiations and military actions by both sides.