Oil prices have risen by more than 1 per cent as concerns over energy supplies increase after intensifying strikes in the Middle East, and as Iran asks Yemen’s Houthis to stand ready to close the Red Sea oil route, Reuters reports.

Brent crude futures are up 93 cents, or 1.09pc, to $85.88 a barrel as of 6:45pm PKT, while US West Texas Intermediate futures are up 89 cents, or 1.12pc, to $80.49 a barrel.