EU Considers Temporarily Freezing Price Cap on Russian Oil Amid Global Price Surge

The European Union (EU) is mulling a temporary freeze of its price cap on Russian oil, in light of the ongoing Middle East conflict.The bloc's current price cap mechanism was introduced last year, setting the limit at 15% below the average market rate for Russian Urals crude every six months.Now, this could be revised due to skyrocketing oil prices amid the war in the Middle East and effective closure of the Strait of Hormuz.