Oil prices have jumped 3 per cent after Iran said the US must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the Strait of Hormuz is reopened, Reuters reports.
Brent crude futures were up $2.48, or 3pc, at $86.03 a barrel by 10:44am EDT (7:44pm PKT). US West Texas Intermediate crude futures were up $2.43, or 3.1pc, at $80.61.