Oil prices have risen according to Reuters, extending a multi-day rally, on reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region.

Brent crude futures for June rose 52 cents, or 0.47 per cent, to $111.78 a barrel at 01:54 GMT (6:54am PKT), climbing for an eighth day. The June contract expires on Thursday and the more active July contract was at $104.84, up 0.4pc.

US West Texas Intermediate (WTI) futures for June rose 57 cents, or 0.57pc, to $100.50 a barrel after gaining 3.7pc in the previous session, climbing for seven out of the last eight days.

“The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher,” said Yang An, an analyst at Haitong Futures.