Oil prices have risen after a new cap on the price of Russian crude, agreed by the G7 group of major economies, came into force.

The cap at $60 a barrel is to “prevent Russia from profiting from its war of aggression against Ukraine”.

It will stop any Russian crude sold for more than that price from being shipped using G7 and EU tankers, insurance companies and credit institutions.

But its prompted concerns it could disrupt global supplies in the coming months – which has pushed up the prices.

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