Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

EU Commission Chief Ursula von der Leyen on Tuesday said surging energy prices have reduced the urgency to slash the price cap on Russia's global oil exports. The current $60 cap "had little effect, but in the last days,

Kyiv. Russian drones and missiles struck Ukrainian capital Kyiv early on Tuesday, June 17th, destroying an apartment building, residential structures, injuring up to 16 people, city officials said.

As the confrontation between Iran and Israel deepens, could Russia could reap the benefits of rising oil prices - or have the chance to act as a mediator? And what consequences could this crisis have for Ukraine?

Sir Keir Starmer and Volodymyr Zelensky will convene a meeting of the so-called “coalition of the willing” in the coming weeks, Downing Street said as the UK pushed for allies to tighten the oil price cap on Russia.

Oil prices rose after Israel and Iran continued their attacks on each other over the weekend. The market is preparing for an escalation that could disrupt supplies from the region, which accounts for about a third of global crude oil production,

Prime Minister Mark Carney announced the sanctions package alongside Ukrainian President Volodymyr Zelenskyy ahead of a meeting on the sidelines of the G7 summit in Alberta.

The European Union wants to lower a cap on the price of Russian oil to deprive the Kremlin of profits to fund its war in Ukraine.

Sir Keir Starmer has warned that this week’s explosive developments in the Middle East will deal a blow to the cost of living for ordinary Britons. Speaking ahead of his arrival in Canada for the G7, the Prime Minister voters will be seeing “the impact already on the economy and on oil prices.”

A sharp rise in global oil prices after Israeli strikes on Iran will benefit Russia and bolster its military capabilities in the war in Ukraine, Volodymyr Zelensky has said.