Oil prices dipped today after the previous day’s surge as Donald Trump said the US ceasefire with Iran was over and ordered fresh strikes against the country following attacks on ships in the Strait of Hormuz, AFP reports.

Equity markets mostly rose as tech firms saw a touch of bargain-buying, with Seoul and Tokyo enjoying healthy gains in early trade.

Both main contracts soared around 8pc yesterday, with Brent topping $80 a barrel for the first time in two weeks, fanning fresh fears of a spike in inflation and a hit to the economy.

Both main contracts spiked more than 1pc in the morning but erased those gains as the day wore on, though investors are staying vigilant for any further flare-up.

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