EU Weighs Temporary Freeze on Russia Oil Price Cap Over Iran

Article content (Bloomberg) — The European Union is considering a temporary freeze to its price cap on Russian oil as the war in the Middle East continues into a fourth month, said people familiar with the matter. Article content The bloc adopted a dynamic mechanism last year to ensure that the price cap is automatically set every six months at 15% lower than the average market rate for Russian Urals crude. The current price threshold is $44.10 per barrel and is due for review later this summer. Article content Article content Under the cap, European firms are banned from providing services su…