Oil prices have jumped by more than $2 after Iran said there was little reason to expect diplomatic progress with the US, leaving the Brent benchmark hovering near five-month highs, with further market support from falling US crude and product inventories, Reuters reports.
Brent crude futures are up $2.06, or 1.9 per cent, to $110.85 a barrel as of 1048 GMT (3:48pm PKT). US West Texas Intermediate (WTI) crude is up $2.13, or 2.2pc, at $99.95.
