With the unexpected production cuts announced by some of the top exporters in the globe, oil prices have risen.

After increasing by more than 5%, the price of Brent crude oil is now trading above $84 a barrel.

Experts cautioned that escalating oil costs might make lowering living expenses more difficult.

The RAC motoring club, however, stated that it does not anticipate a jump in gasoline prices until the higher oil price is maintained for a number of days.

After Saudi Arabia, Iraq, and numerous Gulf states announced on Sunday that they were reducing output by more than one million barrels of oil per day, Brent crude prices increased.

In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year.

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.

However, the US has been calling for producers to increase output in order to push energy prices lower. A spokesperson for the US National Security Council said: "We don't think cuts are advisable at this moment given market uncertainty - and we've made that clear."

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

Yael Selfin, chief economist at KPMG, warned that the oil price surge could make the battle to bring down inflation harder.

However, she said that rising oil prices won't necessarily lead to higher household energy bills.

"The energy price cap, that households benefit from, has already been determined using earlier market expectations," she said. "Plus, when you look at energy use in households, it tends to be more gas-heavy rather than oil."

There have also been fears that there could be an impact on transport costs, if fuel prices rise.

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.

The reduction in output is being made by members of the Opec+ oil producers. The group accounts for about 40% of all the world's crude oil output.

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.

Nathan Piper, an independent oil analyst, told the BBC the move by Opec+ appeared to be an attempt to keep the oil price above $80 a barrel in the medium term, given that demand could be hit by a weakening global economy and sanctions have had a "limited impact" on restricting Russian oil supplies.