Oil prices have slipped back from recent gains that had accompanied fresh US attacks on Iran, according to AFP.

Rates have come off the highs of the past two sessions, as Brent sheds 1.2 per cent, despite US forces again hitting sites in Iran and US President Donald Trump reimposing a naval blockade of ships sailing to and from the country’s ports.

“Oil prices are being held in check by a supposition that President Trump’s combative rhetoric is more of a negotiating strategy than a precursor to hard-line military action that would destroy Iran’s oil infrastructure,” says Briefing.com analyst Patrick O’Hare.

As of 1530 GMT (8:30pm PKT), Brent North Sea Crude is down by 1.2pc at $83.74 a barrel, while West Texas Intermediate is down by 0.8pc at $78.69 a barrel.