International oil prices plunged more than 3% overnight on news that the U.S. and Europe intend to set a $65-70 price cap on Russian oil

On 23rd local time, international oil prices plunged, with Brent crude futures closing down 3.3% to $85.41 and WTI crude futures closing down 3.7% to $77.94.

On the news, according to the media, the EU and G7 group proposed to impose a price cap of $65-70 on Russian oil, which may be higher than the cost price of Russian oil and may make Russian oil supply keep flowing into the global market.

Sources said the EU is still divided over the price cap and plans to meet again on Friday to discuss it.