The price of oil jumped as European and US sanctions hit Russian production.
After hitting a five-month low on Monday, the benchmark oil price rose 3.4%.
A barrel of Brent crude now costs $64.73, a high last seen nearly two weeks ago.
Donald Trump sanctioned Russia’s two biggest oil companies, Rosneft and Lukoil, last night in the hopes of limiting cash flows to the country’s war machine and bringing Vladimir Putin to the negotiating table.
The Danish EU presidency announced the bloc’s programme of penalties on Russia this morning.
Associated expectations of lower oil flows can bring up the price.
The cost of oil can affect the prices people pay in the UK, as the fossil fuel is still involved in the production of most goods.
Sustained higher prices for a barrel of oil can typically be seen at the forecourt pumps in about 10 days.
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