Brent crude trades up 1 per cent with no sign of panic selling across stock markets

Strikes stoke fears of escalating regional conflict that could shut down vital strait of Hormuz shipping route

Brent crude trades up 1 per cent with no sign of panic selling across stock markets

Oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against US attacks on its nuclear sites.

Brent crude futures were up $1.52 or 1.97 per cent to $78.53 a barrel as of 6am UK time. US West Texas Intermediate crude advanced $1.51 or 2.04 per cent to $75.35.

Brent crude below $69 a barrel — down from $77 a barrel on Monday