With the G7 Summit underway, a US official stated on Monday that the G7 is shut to setting a worldwide price cap for Russian oil.

Additional feedback

“To issue coordinated steps tomorrow to raise pressure on Russia.”

“Targeting services for transporting Russian oil is a ‘promising avenue’.”

“US will impose higher tariffs on Russian goods worth about $2.3 billion.”

Meanwhile, Javier Blas, Energy and commodities columnist at Bloomberg, tweeted out, “from what I hear from officials on the ground, the G7 is **not** going to agree on an oil price cap at this meeting, but it will agree **this a direction it wants to push forward**, and will seek further talks to non-G7 nations to see if it can be put into practice.”

Market response

WTI is defending minor beneficial properties round $106.50, having hit day by day highs at $107.24 earlier within the day.

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