Oil prices have rebounded to $100, while stock markets were mixed and the dollar firmed after US military strikes on Iran deflated hopes of an imminent deal to reopen the Strait of Hormuz, AFP reports.

Brent North Sea crude, the international benchmark, has jumped almost 4.5 per cent to edge back above $100 a barrel.

Oil price increases had been modest beforehand, “underlining the market’s strong belief that the Strait of Hormuz will reopen”, says Arne Lohmann Rasmussen, a commodities analyst at Global Risk Management.