Iran ceasefire came under strain, undermining hopes of an early reopening of the strait of Hormuz.

The jump in oil price came two days after hopes of a peace deal breakthrough pushed it down.

Brent, the price barometer for much of the world’s crude oil, is up 1% at $101 a barrel. That’s a fairly modest move, suggesting investors are still hoping that a deal will eventually be reached.

Markets have slipped back thanks to questions about whether the US-Iran ceasefire is holding.