Energy Markets
EU calls on US to enforce G7 price cap for Russian oil
The European Commission on Tuesday called on the United States to strictly enforce the G7 Price 'Cap on Russian Oil 'after Washington announced on Monday that it was lifting certain oil-related restrictions as a means of ensuring supply and lowering prices. On Monday, oil prices soared to $119 per barrel, their highest level in nearly?four years. This was due to fears that Gulf production would be cut and tanker exports disrupted. The G7 Finance Ministers announced on Monday that they were "ready to release oil" from their strategic reserves to help lower prices if needed. Valdis Dombrovskis, European Economic Commissioner,...