UK and G7 allies consider tightening 'meaningless' cap on Russian oil exports

The UK and its G7 allies are considering tightening the "meaningless" cap on Russian oil export prices after Donald Trump's trade war caused global oil markets to crash. UK Treasury officials are understood to be actively considering plans to lower the $60 (£46) a barrel cap on Russian oil exports after the market plunged to $59.77 a barrel for the first time in more than four years this week. The G7 capped the price of Russian oil exports in late 2022 - when oil traded at well over $100 a barrel - to limit the oil revenues that Moscow could…