West Texas Intermediate (WTI), the US benchmark crude oil, is trading near $59.30 during early European hours on Monday. Prices remain stable as markets assess easing tensions in Iran alongside broader risk-off sentiment. Investors are also positioning ahead of the American Petroleum Institute (API) crude oil stockpiles report due on Tuesday.
Although tensions in Iran did not escalate over the weekend, Supreme Leader Ayatollah Ali Khamenei stated that thousands were killed during anti-government protests earlier this month, keeping geopolitical risks in focus.
Market participants continue to monitor developments in the region closely. Fox News, citing military sources, reported that at least one US aircraft carrier had moved toward the Middle East by Friday, following US President Donald Trump’s indication that he would delay any potential military action against Iran.
Meanwhile, Trump announced on Saturday that the United States would impose an additional 10% import tariff starting February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and the United Kingdom. The measure would remain in place until the US is permitted to purchase Greenland.
European leaders are expected to convene an emergency meeting in the coming days to consider possible countermeasures. Trump’s renewed tariff threats against Europe could dampen market sentiment and weigh on crude oil prices.
Looking ahead, the API crude oil inventory report will be closely watched. A larger-than-expected draw in stockpiles would signal stronger demand and could support WTI prices, while a surprise build may point to oversupply and exert downward pressure on prices.
