Oil prices climbed 1% on Wednesday morning in Asia, extending their gains after US President Donald Trump said the peace deal with Iran was “over.”
The increase came as Iran has attacked ships in the Strait of Hormuz, once again heightening concerns about further disruptions to global energy supplies from the Middle East.
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Brent crude rose 1% and traded at around $78.80 (£59.54) a barrel, while US-traded oil posted a similar increase, reaching $74.30.
Oil prices have moved closer to the levels recorded in mid-June, before the US and Iran announced a temporary agreement to hold talks on ending the conflict.
However, prices remain well below the peaks seen in the early stages of the war, when they almost touched $120 a barrel.
