Oil prices have risen after Israel vowed to respond to Iran’s unprecedented attack at the weekend.

Brent crude, the global benchmark, has climbed 0.6pc in early trading towards $91 a barrel after top Israeli military officials said their country had no choice but to respond to Tehran’s barrage of more than 300 missiles.

Israel’s military chief of staff Herzi Halevi said the country would respond. He provided no details.

The jump in the price of oil comes after it hit a six week high last week and despite Foreign Secretary Lord Cameron and US President Joe Biden urging restraint.

Warren Patterson, head of commodities strategy for ING, said the possibility of a direct response from Israel “means that this uncertainty and tension will linger for quite some time”.

He added: “The more escalation we see, the more likely we are to see oil supply from the region impacted.”

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