Geopolitical turmoil in the Middle East makes rigid oil price caps unrealistic now—volatility rules. Energy markets need flexibility, not fixed ceilings. Meanwhile, crypto’s decentralized nature shines as a hedge against such uncertainty. Adapt or get left behind.

The European Union will not promote plans to introduce a new hard price cap on Russian oil exports in light of concerns that a new conflict in the Middle East will raise oil prices. This is reported by Politico.

The proposal, which envisioned reducing the maximum price of oil from the Russian Federation from $60 per barrel to $45, was supposed to be discussed on Monday in Brussels by the foreign ministers of the bloc's countries.

However, two diplomats confirmed to Politico that the escalating conflict between Israel and Iran means that the plan is no longer viable.

"The idea of lowering the price cap is unlikely to be supported due to the international situation in the Middle East and volatility," one diplomat said on condition of anonymity.

"At the G7 meeting this week, all countries agreed that they would prefer not to make a decision right now," the diplomat added. "Prices have been quite close to the cap; but now prices are fluctuating, the situation is currently too volatile."