U.S. Says If Price Cap Is Not Imposed On Russian Oil Global Prices Will Reach $140 Per Barrel

FILE - Workers walk past a storage tank at the Kaleikino oil pumping station of Transneft Kama Region, near Almetyevsk, Russia, April 27, 2022.  

Business Insider: Oil prices could jump to $140 per barrel if Russian crude doesn't get a price cap, US Treasury official says 

* Crude prices could jump 40% to about $140 if a Russian price cap isn't implemented, a US Treasury official said, per Reuters. 

* On Tuesday, Treasury Secretary Janet Yellen will hold talks with Japanese officials on the price cap proposal. 

* In June, G7 leaders discussed a price cap on Russian crude of about $40 to $60 to slow down Moscow's funding of its war machine. 

Oil prices could jump about 40% to $140 a barrel if Russian crude doesn't get hit with a proposed price cap, a senior US Treasury official said Tuesday, according to a Reuters report. 

On Tuesday, Treasury Secretary Janet Yellen will hold talks over the price cap proposal with Japanese Finance Minister Shunichi Suzuki. 

Japanese officials have shown hesitance to adopt a price cap set too low, but have not yet rejected the idea.

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WNU Editor: This US push to put a cap on Russian oil does not make sense. If Russia does not get the price that it wants for its oil, it will simply not produce it. And if that happens you do not get $140 per barrel oil, you will get $200 per barrel (or more). 

U.S. Says If Price Cap Is Not Imposed On Russian Oil Global Prices Will Reach $140 Per Barrel  

Failure to implement Russian oil price cap could jack up oil prices -U.S. official -- Reuters  

U.S., allies aim to cap Russian oil prices to hinder invasion -- CTV News/AP  

Oil price surge: Warning as costs set to skyrocket if Russian price cap not implemented -- Express  

US to Urge India, Japan to Back Plan for Cap on Russia Oil Price -- Bloomberg  

U.S., Europe Working Out Details on Russian Oil Price Cap -U.S. Official -- Reuters