Baltic states push to accelerate Russian oil ban amid Hormuz crisis

Key Facts

1The Baltic states urged the EU to accelerate the ban on Russian oil imports after the closure of the Strait of Hormuz stalled talks due to energy supply concerns.

Amid energy supply fears from the Strait of Hormuz closure, the Baltic states have urged the European Union to accelerate a ban on Russian oil imports. According to the Financial Times, the talks had stalled after the strait's shutdown raised energy security concerns.

Accelerating the ban would tighten global oil supply further, supporting crude prices. Major oil stocks closed higher: ExxonMobil at $136.54 (June 26 close), Chevron at $171.06, Shell at $76.53, and BP at $37.13, per market data.

Traders are watching upcoming EU meetings on the next sanctions package. U.S. crude inventories (API) fell by 0.765 million barrels last week, reinforcing upward price pressure. At current levels, XOM support stands near $135.92, with resistance at $137.58.