Oil prices have eased after earlier gains as markets assess the escalating conflict between the US and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz.

Brent crude futures are down 11 cents, or 0.1 per cent, to $77.91 a barrel as of 1322 GMT (6:22pm PKT). US West Texas Intermediate crude futures have dropped 38 cents, or 0.5pc, to $73.14 a barrel.