Global oil prices spike following renewed tension in Strait of Hormuz

Global oil prices have spiked around 5 percent following renewed tension in the Strait of Hormuz.

It comes after reports that the United States has this morning revoked a license for the sale of Iranian oil, in response to attacks on tankers in the strategic waterway.

Reuters reported a US official had warned Iran's actions in the Strait of Hormuz were "wholly unacceptable" and would be met with consequences after attacks on the tankers.

The global benchmark Brent crude, was on Wednesday morning trading at just under US$76 a barrel.

The US-based West Texas Intermediate WAS trading at just over US$72 a barrel.

Oil prices had fallen sharply since the end of the US Iran conflict.

According to Gaspy, the average price of 91 petrol in New Zealand was just under $3 a litre on Wednesday.