Oil prices fall, extending this week’s losses and trading near four-month lows hit in the previous session, on signs that more oil tankers stranded in the Gulf since the start of the Iran war are set to move out of the Strait of Hormuz, according to Reuters.

Brent crude futures down 37 cents, or 0.5 per cent, at $76.71 a barrel as of 0043 GMT, and US West Texas Intermediate slipped 36 cents, or 0.5pc, to $72.85 a barrel. Both benchmarks have declined nearly 1pc on Tuesday, touching their lowest levels since early March.