Oil prices rise sharply after Iran launches attacks on tankers near strait of Hormuz

Brent crude benchmark rose to more than $78 a barrel, its steepest increase since ceasefire began

Oil markets have recorded the sharpest price rise in nearly two months after a series of attacks on fossil fuel tankers near the strait of Hormuz led Donald Trump to declare that the ceasefire deal with Iran was “over”.

Brent, the global crude benchmark rose by 5% on Wednesday to more than $78 (£58) a barrel, the highest price since the US and Iran agreed the ceasefire while negotiating an end to the war last month.