Brent  crude prices rose after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day.. Energy giants BP and Shell saw their share prices rise on Monday, with both rising more than 4%.

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

In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year. Saudi Arabia is reducing output by 500,000 barrels per day and Iraq by 211,000. The UAE, Kuwait, Algeria and Oman are also making cuts.

A Saudi energy ministry official said the move was “a precautionary measure aimed at supporting the stability of the oil market”, the official Saudi Press Agency said . The RAC said it does not expect this to happen in the short-term.

“Any sudden increase in the cost of oil shouldn’t result in a rise in the UK average price of petrol for a fortnight, unless of course the barrel price stays higher for several days,” RAC fuel spokesman Simon Williams told the BBC.