Oil prices have risen to their highest in four weeks, as the US reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz, Reuters reports.
Brent crude futures were up $2.74, or 3.29pc, at $86.04 per barrel at 0751 GMT, while US West Texas Intermediate crude rose $2.21, or 2.83pc, to $80.35 a barrel.
Brent crude rose to its highest since June 12 and WTI to its highest since June 16. The US and Iran signed a memorandum of understanding to end the conflict on June 18.
