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The UK and its G7 allies are contemplating tightening the cap on Russian oil export prices, deemed “meaningless” after a significant drop in crude prices due to Donald Trump’s trade war. UK Treasury officials are reportedly considering reducing the current cap of $60 (£46) per barrel, as oil prices fell to $59.77 a barrel for the first time in over four years. This response reflects concerns over the effectiveness of the existing price limit amidst the ongoing fluctuations in the global oil market.
