Oil has risen almost 1 per cent after attacks by the US and Iran underscore the fragility of their interim peace deal, while expectations of a continued recovery in energy shipping through the Strait of Hormuz limit gains, Reuters reports.

Iran and the US have agreed to renew talks over the strait, raising hopes of saving the peace deal that had been threatened by days of tit-for-tat strikes.

Brent crude futures are up 62 cents, or 0.9pc, at $72.61 a barrel as of 1203 GMT. US West Texas Intermediate crude has gained 53 cents, or 0.8pc, to $69.76.