The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats said. The European Union and Britain have been pushing the Group of Seven nations to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant. Brent crude has since rebounded somewhat, and settled on Friday at $70.36 per barrel. The G7 price cap, aimed at curbing Russia's ability to finance the war in Ukraine, was originally agreed in December 2022.