Oil rises as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikes on US infrastructure in the region, according to Reuters.

Brent rises $1.46, or 1.72 per cent, to $86.19 a barrel by 0029 GMT while WTI was up $1.11, or 1.4pc, to $80.40 a barrel.

“The chances of oil moving back toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf,” Tim Waterer, chief market analyst at KCM Trade says, noting Brent prices could remain at $75-$80 a barrel if diplomatic efforts helped reopen the strait.