Russian oil price cap, EU bans to stoke unprecedented uncertainty - IEA

Looming European Union bans on seaborne exports of Russian crude oil and products along with a G7 price cap on those sales will create unprecedented uncertainty for oil markets already beset by high prices and deep economic challenges, the International Energy Agency said on Tuesday.

"The approaching EU embargoes on Russian crude and oil product imports and a ban on maritime services will add further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets," the Paris-based energy watchdog said in its monthly oil report.

"A proposed oil price cap may help alleviate tensions, yet a myriad of uncertainties and logistical challenges remain ... the range of uncertainty has never been so large."