Oil prices have surged after new Iranian supreme leader Ayatollah Mojtaba Khamenei vowed “revenge” following Israeli-American strikes and Iran’s Revolutionary Guards warning that they would keep the strategic Strait of Hormuz closed, AFP reports.

Around 1450 GMT, Brent crude climbed 9.46 per cent to $100.68 a barrel, having already broken through the $100 mark earlier in the session. Its US equivalent, West Texas Intermediate, gained 10.02pc to $95.99 a barrel.