Oil prices have risen as peace talks between the US and Iran have stalled while shipments through the Strait of Hormuz remain limited, keeping global oil supplies tight.

Brent crude futures rose $2.22, or 2.11 per cent, to $107.55 a barrel by 22:02 GMT (3:02am PKT) and US West Texas Intermediate was at $96.42 a barrel, up $2.02, or 2.14pc.