Oil prices have jumped more than five per cent, later paring gains after President Donald Trump said the US will not launch an attack on Iran before midterm congressional elections in November, Reuters reports.
Brent crude futures are up $3.48, or 3.5pc, at $103.73 a barrel as of 1641 GMT (9:41pm PKT). US West Texas Intermediate (WTI) crude has gained $2.69, or 3.1pc, to $91.
