Oil prices rise as EU’s cap on Russian crude comes into effect

The move is part of increased pressure by the West over the Kremlin’s invasion of Ukraine.

Oil prices have risen in response to an agreement by the G7 group of nations which came into effect on Monday (Andrew Milligan/PA)

Oil prices have risen in response to an agreement by the G7 group of nations which came into effect on Monday.

Brent crude added around 1% to more than 86 dollars (£68) in Asia trading as the price of Russian oil was capped at 60 dollars (£49) a barrel.