Iran has given a significant boost to oil prices by unexpectedly praising a plan put forward by Saudi Arabia and Russia to freeze production.

The cost of Brent crude soared by 6.7% to $34.35 as Iran gave its verbal support for a production ceiling, even though it avoided making any immediate commitment to rein in its own growing output.

�Iran backs any measures which help stabilise the market and improve the price of crude oil,� said Bijan Zanganeh, the Iranian oil minister, after meeting his counterparts from Iraq, Qatar and Venezuela.

But he did not mention any specific change in his own country�s production strategy and other officials insisted that fellow-Opec members were aware Iran needed to increase its output to help rebuild the economy after years of sanctions.

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