BRUSSELS — The European Union tentatively agreed to a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. The $60 figure sets the cap near the current price of Russia’s crude, which recently fell below $60 a barrel. There is a big risk to the global oil market of losing large amounts of crude from the world’s No. Putin has said he would not sell oil under a price cap and would retaliate against nations that implement the measure. “The reality is that it is unlikely to be binding given where oil prices are now.”Others have criticized the measure, a brainchild of U.S. Treasury Secretary Janet Yellin.

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