EU urges US to strictly enforce G7 price cap on Russian oil

Group 1 - The European Commission urged the United States to strictly enforce the G7 price cap on Russian oil following the U.S. decision to waive certain oil-related sanctions to ensure supply and lower prices [1] - Oil prices surged to $119 a barrel, the highest in almost four years, due to fears of Gulf output cuts and disrupted exports by tanker [1] - G7 finance ministers expressed readiness to release oil from strategic reserves if necessary to help lower prices [1] Group 2 - European Economic Commissioner Valdis Dombrovskis emphasized the importance of enforcing the G7 price cap to limit Russia's war revenues, stating that failing to do so would be self-defeating [1] - Dombrovskis highlighted that reinforcing Russia's capacity to wage war undermines support for Ukraine and the goals of the U.S. and Israel regarding Iran, as Russia supports Iran's war efforts [1]