Oil prices have climbed more than $2 a barrel as Iran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against Iran, according to Reuters.

Brent futures rose $2.30, or 2.47 per cent, to $95.40 a barrel, while US West Texas Intermediate (WTI) crude climbed $2.60, or 2.89pc, to $92.63.

US crude futures gained more than $3 earlier in the session.