Oil rises, dollar firms amid Iran hits

OIL prices were higher yesterday and the dollar strengthened after the United States struck Iran's nuclear facilities at the weekend.

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Asian markets mostly fell, although Chinese stocks were higher, as traders wait to see how Tehran could respond.

One option on the table would be to potentially create economic havoc by seeking to close the strategic Strait of Hormuz - which carries one-fifth of global oil output.

Iran is the world’s ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. It exports just under half of that amount and consumes the rest.

When trading opened yesterday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.

They pared these gains however and by mid-afternoon in Asia both were up around 1.1%.