Nadhim Zahawi, U.K. chancellor of the exchequer, said he was confident the price cap plan would succeed. “I’m confident that tomorrow we’re going to be able at the G-7 get everybody to the same place,” Mr. Zahawi said Thursday. He said the plan “will again make sure that next year and beyond we don’t see an oil price shock which could cause us obviously an even greater challenge than where we are today.” Much of the world’s marine shipping is insured in G-7 countries, particularly the U.K., and so the British government would play a key role in enforcing the plan. The G-7 countries insure over 90% of global shipping traffic, according to Bruegel, a think tank. But the U.S.-led plan faces several major questions , including the level at which that cap would be set and whether Russia would agree to sell oil at a capped price. Russian […]