The price of Brent crude, the benchmark international oil contract, has jumped back above $80 per barrel after US President Donald Trump said the ceasefire with Iran was over, AFP reports.

The price of Brent crude for delivery in September has soared 8 per cent to $80.12 per barrel around 1520 GMT (8:20pm PKT), while the benchmark US oil contract, WTI for August delivery, gained 7.7pc to $75.83 per barrel.