Oil prices have jumped more than 5 per cent after US President Donald Trump said the United States was reinstating a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz, Reuters reports.

Brent crude futures are up $4.06, or 5.34pc, to $80.07 as of 1644 GMT (9:44pm PKT), while US West Texas Intermediate crude is up $3.74, or 5.24pc, to $75.15 a barrel.