Oil prices rise following days of tit-for-tat strikes by the US and Iran that have underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of Hormuz, Reuters reports.

Brent crude futures climb 58 cents, or 0.8 per cent, to $72.57 a barrel at 0207 GMT while US West Texas Intermediate crude was at $70.11 a barrel, up 88 cents, or 1.3pc.

“There’s still plenty of risk facing the oil market. Even so, participants appear to be … focusing on what a continued recovery in oil flows would mean for the global balance,” ING analysts says.

“This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow.”