Brent crude benchmark rose to more than $80 a barrel, its steepest increase since ceasefire began

Brent crude futures were up 2% to $75.60 a barrel, which is a long way below war peaks of above $120 but enough to wobble the bond market by raising inflation risks.

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.