Oil prices have rebounded on concerns about the lack of details in a preliminary agreement ending the war between the US and Iran and the realisation the resumption of supply through the key Strait of Hormuz may take longer than thought, according to Reuters.

Brent crude futures gained 26 cents, or 0.3 per cent, to $83.42 a barrel and US West Texas Intermediate rise to $81.12 a barrel, up 46 cents, or 0.3pc, as of 0108 GMT.