Oil prices have surged more than eight per cent to their highest in months as Iran and Israel step up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.

Brent crude futures LCOc1 struck a high of $82.37 a barrel and was at $79.34, up $6.47, or 8.88pc, by 2305 GMT.

US West Texas Intermediate crude CLc1 jumped $5.36, or 8pb, to $72.38 a barrel after touching a high of $75.33 earlier.