The price of Brent Crude today surged to near $85 a barrel after Opec+ oil producers announced a surprise output cut of more than one million barrels a day.
Brent futures surged by as much as 7% at one point, having fallen every month this year due to concerns over the demand outlook.
The move by the oil cartel drew criticism from the White House amid fears that higher fuel costs will mean inflation takes longer to fall back from recent highs.
