Oil has risen on concerns of a renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz, and a lack of progress in re-opening the key waterway, Reuters reports.

Navigation through the strait, which before the war carried about a fifth of global oil output, remains effectively blocked. Iran’s capture of two cargo ships highlighted Washington’s difficulties in trying to control the passage.

Brent crude futures were up $1.93, or 1.8 per cent, to $107 a barrel at 08:05 GMT (1:05pm PKT), while U.S. West Texas Intermediate futures were up 76 cents, or 0.8pc, at $96.61.

For the week, Brent is up 18pc and WTI 15pc, the second-largest weekly gains since the war began.