With the G7 Summit underway, a US official said on Monday that the G7 is close to setting a global price cap for Russian oil.

Additional comments

“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 reaction

WTI is defending minor gains around $106.50, having hit daily highs at $107.24 earlier in the day.