The US along with Canada, France, Germany, Italy, Japan and the United Kingdom (G-7), have agreed to place a price cap on Russian oil.
Analyst Comment: If you are confused as to how a bunch of countries (G-7) plan to cap the price of oil exported from another country (Russia) to unrelated 3rd-party countries (India, China, etc.), you’re not alone. The details are vague but may involve sanctions on countries trading with Russia. If followed through, this is a recipe for alienating a good portion of the world and starting WWIII.