Oil prices jumped on global supply concerns following US sanctions on Iran's oil exports, with benchmark Brent surging to a four-year high, before retraced gains after US President Donald Trump called again on OPEC to boost crude output.

Oil prices jumped on global supply concerns following US sanctions on Iran's oil exports, with benchmark Brent surging to a four-year high, before retraced gains after US President Donald Trump called again on OPEC to boost crude output.