Oil prices up over 5% on fresh US-Iran tensions

Oil prices have surged again today after Iran said it suspended all exchanges with Washington following days of inconclusive talks to end the war, and the two nations again traded strikes.

At around 13:30 GMT, the price of Brent North Sea Crude for August delivery was up 4.9 percent at $95.60 a barrel, after briefly rising above 5%. Its US counterpart, West Texas Intermediate crude for July delivery, was up 5.9% at $92.55.

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