Oil prices have surged as worries about attacks in the Red Sea exacerbate supply concerns in a petroleum market limited by the quasi-shutdown of the Strait of Hormuz, AFP reports.

As of 1820 GMT (11:20pm PKT), Brent oil futures are up 8.4 per cent at $101.93, rising above $100 for the first time since late May.

US benchmark West Texas Intermediate has risen 7.6pc to $93.44 a barrel.