Failure to implement Russian oil price cap could jack up oil prices, says US treasury chief

TOKYO: The global price of oil could surge by 40 percent to around $140 per barrel if a proposed price cap on Russian oil is not adopted, along with sanction exemptions that would allow shipments below that price, a senior US Treasury official said on Tuesday.
US Treasury Secretary Janet Yellen will discuss implementation of the US price cap proposal and global economic developments with Japanese Finance Minister Shunichi Suzuki when they meet later on Tuesday, the official said.