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.

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

Oil markets are reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.