Oil rises back above $110 a barrel as Iran reportedly refuses talks with Washington until its demands are met

Brent crude climbed $1.59 to $110.38 early on Wednesday, wiping out Tuesday's peace-hope dip, while US crude gained to $99.18. On Tuesday, Brent touched a five-month high of $111.99 before a Qatar-Pakistan mediation proposal briefly cooled prices. Shiptracker Kpler logged at least 18 vessel attacks in just two weeks. Analysts warn Iran is hitting tankers far beyond the Strait of Hormuz, into the Gulf of Oman.

DBS energy chief Suvro Sarkar warned that 'any deal is still very distant'.

Houthis claim to have struck an Aramco site in Yanbu and Riyadh's main airport.

The toll from a Houthi attack on Yemeni government forces has risen to 73.