The price of a barrel of Brent Crude – the global oil benchmark – has fallen to $78 a barrel. That’s the lowest level this year and, perhaps most notably, the lowest since February’s Russian invasion of Ukraine. This week, the US and its allies also imposed a price cap on Russian oil transported by sea, at $60 a barrel.
The price cap was designed to limit Russian oil revenues while self-sustaining the flow of oil to avoid a global price shock. Oil…
