Oil prices will like this:
- The EU and G7 in talks on imposing a full ban on accessing maritime services by Russia to disrupt oil exports
- Would scrap oil price cap system
The oil price cap system has been a failure and this would probably be a failure too but there's a chance it could actually cut off some Russian exports.
Oil was already up 68-cents to $60.37 ahead of this but has faded from earlier gains. There are also high-level US-Russia talks ongoing that could end the war so this sounds like a carrot-and-stick approach.
