Brent oil prices have shot up more than five per cent on intensifying tensions over the Strait of Hormuz as Emirati authorities said an energy installation had been struck by a drone, AFP reports.

Near 1535 GMT (8:35pm PKT), Brent oil futures have jumped 5.2pc to $113.78 a barrel, while US benchmark West Texas Intermediate rose 3.1pc to $105.11 a barrel.