Oil prices rise for a fourth straight day after a new wave of US strikes on Iranian military installations fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz, according to Reuters.

Brent crude futures climb 33 cents, or 0.4 per cent, to $85.28 a barrel by 0026 GMT, while US West Texas Intermediate futures rise 42 cents, or 0.5pc, to $80.02 a barrel.

“With tensions in the Middle East flaring up again, buying is taking the lead,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment.

“While mediation efforts by neighbouring countries continue and the consensus view is that a full-scale war is unlikely, WTI could still rise to $85-$87 depending on how the conflict develops,” he said.