Oil prices have pared gains that had lifted them more than 5 per cent today after Iran and Israel said they had halted attacks on each other, Reuters reports.

Brent crude futures were up $1.71, or 1.8pc, at $94.85 a barrel as of 11:10am ET (8:10pm PKT), while US West Texas Intermediate crude futures were up $1.53, or 1.7pc, at $92.07.