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Ukraine war: Oil prices rise as cap on Russian crude kicks in

Oil prices have risen amid concerns that a new cap on the price of Russian crude could disrupt global supplies in the coming months.

A separate decision by major oil-producing countries to keep cutting how much they produce to prop up prices has also fuelled the increase.

The price of Brent crude oil rose by almost 2% on Monday to $87.25 a barrel.

But this is still well below the highs seen after Russia invaded Ukraine.

Higher oil prices tend to push up petrol prices and the cost of living which, in the UK, is rising at its fastest pace in 41 years.


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