Brent crude oil rebounded more than 2 per cent after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, Reuters reports.
Brent futures rose $2.60, or 2.49pc, to $106.92 a barrel at 0803 GMT, while US West Texas Intermediate crude was at $94.49 a barrel, up $2.08 or 2.25pc.
“Oil prices appeared to have jumped on the back of President Trump rejecting Irans peace proposal,” said Hamad Hussain,” senior climate and commodities economist at Capital Economics.
