Oil prices rose 1 per cent , extending gains from the previous session, as efforts to end the US-Iran war appear stalled, with the crucial Strait of Hormuz waterway still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers, reports Reuters.

Brent crude futures for June climbed $1.41, or 1.3pc, to $109.64 a barrel as of 0400 GMT, after gaining 2.8pc in the previous session to its highest close since April 7. The contract is up for a seventh day.

US West Texas Intermediate (WTI) crude for June rose $1.27, or 1.3pc, to $97.64 a barrel, after gaining 2.1pc in the previous session.