Oil continued its rise amid further concerns around the opening of the Strait of Hormuz as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those who violated the proposed rules, Reuters reports.
Brent crude futures rose 99 cents, or 1.2 per cent, to $83.48 a barrel by 0010 GMT. US West Texas Intermediate futures rose 85 cents, or 1.1pc, to $78.84.
