Oil prices increased this morning following US President Barack Obama’s announcement that congressional leaders had agreed on a debt deal.

US crude gained $1.45 to stand at $97.15 a barrel, which pushed Brent up by $1.50 to $118.40 a barrel, according to Reuters.

Obama said the deal will help the US cut $2.5trn from its deficit over the next ten years.

The president urged Democratic and Republican lawmakers to support the deal, which could be voted on today.