- WTI price trades flat near $59.30 in Monday’s early European session.
- Traders continue to assess the situation in Iran and Trump’s fresh tariff threats.
- The API crude oil stockpiles report is due later on Tuesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.30 during the early European trading hours on Monday. The WTI price holds steady amid easing tensions in Iran and wider risk-off sentiment. Traders brace for the American Petroleum Institute (API) crude oil stockpiles report on Tuesday.
While there weren’t escalating tensions in Iran over the weekend, Supreme Leader Ayatollah Khamenei said that many thousands of people were killed in this month’s anti-government protests.
Traders will closely monitor the developments surrounding the situation in Iran. Fox News reported, citing military sources, that at least one US aircraft carrier had been moving to the Middle East as of Friday, after US President Donald Trump indicated that he would hold off on attacking Iran.
Trump said on Saturday that he would impose an additional 10% import tariff from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the United Kingdom (UK) until the United States (US) is allowed to buy Greenland.
European leaders are expected to hold an emergency meeting in the coming days as they explore possible retaliation. Trump’s latest tariff threats against Europe over Greenland could hurt market sentiment and weigh on the WTI price.
The API crude oil stockpiles report will be published on Tuesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could boost the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might drag the WTI price lower.
