Oil Prices Surge After Surprise Move To Cut Output

Oil prices have surged after several of the world's largest oil exporters announced surprise cuts in production.

The price of Brent crude oil jumped by more than $5 a barrel, or 7%, to above $85 as trading began.

The increase came after Saudi Arabia, Iraq and several Gulf States said they were cutting output by more than one million barrels a day.

Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began.

However, the U.S. has been calling for producers to increase output in order to push energy prices lower.

High energy and fuel prices last year helped to drive up inflation - the rate at which prices rises - putting pressure on many households' finances.