"They're Afraid Prices Will Skyrocket" U.S. Fears EU Tanker Insurance Ban

The United States has called on European governments to find a way to soften the blow that the oil market will suffer after a ban on insurance for vessels carrying Russian crude and fuels comes into effect, the Financial Times has reported, adding that Washington is concerned that the ban will lead to even higher oil prices. The European Union and the United Kingdom agreed to ban insurers from providing coverage for Russian oil cargos last month in a bid to reduce Russia’s access to export markets further and, as a consequence, its oil revenues.…