Oil prices have surged after Iran said it suspended all exchanges with Washington following days of inconclusive talks to end the war, and the two nations again traded strikes, AFP reports.

At around 1330 GMT, the price of Brent North Sea Crude for August delivery was up 4.9 per cent at $95.60 a barrel, after briefly rising above 5pc. Its US counterpart, West Texas Intermediate crude for July delivery, was up 5.9pc at $92.55.