Oil prices rose more than 2 per cent, reversing some of the previous session’s losses, on worries about supply with the Strait of Hormuz mostly shut and US allies rebuffing calls to send warships to help tankers move through the vital waterway, reports Reuters.

Brent futures jumped $2.74, or 2.7pc, to $102.95 a barrel by 0357 GMT, while US West Texas Intermediate crude gained $2.45, or 2.6pc, to $95.95.

In the previous session, Brent futures settled 2.8pc lower while US West Texas Intermediate (WTI) crude slid 5.3pc after some vessels sailed through the critical waterway.