Ukraine war: Oil prices rise as Russian crude oil prices come under control Oil prices rose on Monday following an agreement between G7 memb...

Ukraine war: Oil prices rise as Russian crude oil prices come under control

Oil prices rose on Monday following an agreement between G7 member states and their allies to cap Russian oil prices at $60 (£49) a barrel.

Crude oil futures rose 1% to reach $86 in morning trade in Asia.

This move - which could come into effect on Monday - increases Western pressure on Russia due to its invasion of Ukraine.

This comes after the oil producers of the Opec+ group agreed to implement its oil production policy, at a time when the world is facing a slow economic growth and higher interest rates.

Opec+ is a group of 23 oil-exporting countries, including Russia, which meet regularly to determine the amount of crude oil to sell on the world market.