Oil prices have rocketed in early market trading after the US announced it would blockade Iranian ports.
The US military has confirmed it will halt all maritime traffic entering and leaving Iranian ports, with the measure taking effect at 10am ET (2pm GMT) today.
US crude oil prices surged eight per cent to $104.24 a barrel in early trading, while Brent crude, the international benchmark, climbed seven per cent to $102.29.
