Oil gains have extended by around one per cent as President Donald Trump reimposes a naval blockade on all Iranian ports and Iran’s Islamic Revolutionary Guard Corps threaten to close “all other export corridors that benefit the US and its allies”, Reuters reports.

Brent futures has gained 69 cents, or 0.8pc, to $85.42 a barrel at 0950 GMT. West Texas Intermediate futures rises 73 cents, or 0.9pc, to $80.07 a barrel.