Oil prices soar on Russia embargo - BBC News

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2 years ago
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Oil prices rose after a new price ceiling for Russian crude agreed by the G7 group of major economies took effect.

The $60 per barrel cap is intended to "prevent Russia from profiting from a war of aggression against Ukraine."

This will prevent G7 and EU tankers, insurance companies and financial institutions from selling Russian crude at or above that price.

But there are concerns that global supply could be disrupted in the coming months, driving prices higher.

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