Oil prices rise to record level after Iran launches attacks on tankers near strait of Hormuz

Brent crude benchmark rose to more than $78 a barrel after attacks, its sharpest 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 US president Donald Trump to declare the ceasefire deal with Iran is “over”.

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