Oil prices have risen over 3 per cent after Iran claimed it had struck a US warship and forced it to turn back from entering the Strait of Hormuz, though the US denied that any of its ships had been struck, Reuters reports.

Brent crude futures were up $3.64, or 3.4pc, at $111.81 a barrel by 11:24 GMT (4:24pm PKT), having settled down $2.23 on Friday. US West Texas Intermediate was up $3.40, or 3.3pc, at $105.34 a barrel, after a $3.13 loss on Friday.