Oil jumped more than $1 to above $95 a barrel after Opec said it would study further the effect of the falling US dollar on its economies following calls for it to price oil in currencies other than the greenback.

The move, which emerged at the summit of cartel leaders in Riyadh, was an attempt to bridge the divide within the group over how to respond to the dollar’s decline. Iran and Venezuela had pushed for Opec to move away from the dollar in the face of strong opposition from the summit’s host, Saudi Arabia.